India's Brigade Hotel Ventures set a price band of 85 to 90 rupees for its IPO, seeking a valuation of up to 34.19 billion rupees ($396.96 million), as it aims to expand its presence in the domestic hospitality sector.
The IPO of Brigade Hotel Ventures, the hospitality arm of Brigade Enterprises, will open for bidding from July 24 to July 28.
The trimmed-down 7.6-billion-rupee ($88 million) IPO is a fresh issue, with the number of shares yet to be disclosed and proceeds earmarked for debt repayment and acquisitions.
Brigade Hotel Ventures first filed for an IPO in October with an offer size from 9 billion rupees.
CEO Ananda Natarajan told Reuters the reduction follows a 1.26 billion rupees pre-IPO funding round and a debt payment of about 5 million rupees made since June 24.
India's hospitality sector is on a strong upswing, fuelled by a rebound in travel, rising room rates, and steady demand from both leisure and business segments. With improving margins and growing investor interest, hotel firms are tapping public markets to fund growth.
The domestic hotel market has expanded nearly twelvefold between 2015 and 2025, with the luxury segment set to grow 74% over the next four years, driven by a robust project pipeline, according to consultancy Horwath HTL.
Brigade Hotel Ventures operates nine hotels across five Indian cities, with a total inventory of 1,604 keys. The properties are managed in partnership with global hospitality brands like Marriott, Accor and IHG, spanning the midscale to upper scale segments.
In February, the company announced plans to add five new hotels, including luxury properties, aiming to expand its portfolio to 2,560 keys by fiscal 2029.
The company competes with the newly listed Schloss Bangalore, owner of luxury hotel chain "The Leela", among others.
