Brigade Hotel IPO subscribed 98% on day 2: GMP hints at 7% listing pop

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IPO subscribed 98% on Day 2, with strong demand from retail (3.93x) and NII (0.73x); QIB saw 8% bids.
GMP dropped to Rs 6, implying a 6.7% potential listing gain over the Rs 90 upper price band.
BHVL operates 9 hotels, aims to expand to 14 by FY29; FY25 occupancy stood at 76.8%.
Valuation concerns remain, with a P/E of 125x; analysts are split on listing prospects.

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