Brigade Enterprises spurts after unit files for IPO

Brigade Hotel Ventures, a wholly-owned subsidiary of Brigade Enterprises, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth up to Rs 900 crore. The IPO will involve a fresh issue of equity shares, each with a face value of Rs 10. The issue is subject to regulatory approvals, market conditions, and other considerations.

Brigade Enterprises is one of India's leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.

The company's consolidated net profit surged 117.29% of Rs 83.72 crore in Q1 FY25 compared with Rs 38.53 crore in Q1 FY24. Revenue from operation jumped 64.8% year on year (YoY) to Rs 1,077.72 crore in the quarter ended 30 June 2024.