Brigade Enterprises Sets QIP Floor Price At Rs 1,164.7 Per Share

Brigade Enterprises Ltd. approved the floor price of Rs 1,164.7 per share for its upcoming qualified institutional placements as it looks to raise up to Rs 1,500 crore.

The residential and commercial projects company authorised the opening of the issue on Monday, it said in an exchange filing. It had considered and approved raising funds via public or private offerings, including a QIP, at a board meeting held on Feb. 2, this year.

The company approved and adopted the preliminary placement document and format of the issue's application form, it said.

The real estate firm may at its discretion offer a discount of not more than 5% on the floor price, which will be determined in consultation with the book-running lead manager. The trading window shall remain closed till 48 hours of the meeting for the determination of the issue price.

Bengaluru-based company reported an advance in its net profit for the first quarter of fiscal 2025. The Bengaluru-based realty firm's net profit increased to Rs 80.5 crore from Rs 21.9 crore year-on-year.

Brigade Enterprises' stock has risen 96% during the last 12 months and has surged by 38% year-to-date.

Thirteen of the 14 analysts tracking the company recommend a 'buy' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 17%.