Shares of Brigade Enterprises listed today at Rs. 430 on the NSE, at 10% premium or up by Rs. 40 from its issue price of Rs 390 per share.

The company recently entered the capital market with its initial public offering of 16,624,720 equity shares of Rs 10 each. The issue was over-subscribed around 10.8 times and it managed to register for 19.04 crore shares, a NSE release said.

The company has raised 6.47 billion rupees through its initial public offering. The funds raised would be used to acquire land and to meet the construction and development costs of its projects.

Apart from listing, Brigade Enterprises has announced that it’s wholly owned subsidiary, Brigade Hospitality Services Pvt Ltd (BHSPL), a Bangalore-based real estate firm, has signed a management contract with InterContinental Hotels Group for a new Holiday Inn Hotel called Holiday Inn Bangalore International Airport.

Mr. M R Jaishankar, CMD of the Company said, "We are glad to have partnered with Intercontinental Hotel Group to develop this hotel in the city of Bangalore. It has been our constant endeavor to provide high end hospitality service with trademark Brigade quality.”

Holiday Inn Bangalore International Airport hotel will be a welcome addition to Brigade Hospitality's portfolio that include hotels, resorts, clubs and serviced residences, Mr. Jaishankar added.      

At 12:20 PM, the share was trading at Rs 388 on NSE, down by Rs. 2 or 0.38 %. About 4,339,352 shares exchanged hands on the counter. It touched an intraday high of Rs. 490 and a low of Rs. 355.