Barbeque Nation Hospitality IPO:
The restaurant chain Barbeque Nation is launching its IPO which will open on 24 March. Its price band has been fixed at Rs 498-500. The company has a fresh issue of Rs 180 crore. While 54,57,470 equity shares are being issued through Offer for Sale. The promoters of the company are Sayaji Housekeeping Service, Azhar Dhanani, Saadia Dhanani, Sanaya Dhanani, Tamara, Aajav Investment Trust, and Menu Private Limited selling their shares in Offer for Sale.
The company has issued shares worth Rs 2 crore to its employees. A lot is of 30 shares. That is, investors will have to bid for at least 30 shares.
Barbeque Nation’s IPO is scheduled to close on 26 March.
The company has reserved 75 percent of the total book for qualified institutional buyers. 10 percent for retail investors and 15 percent for the rest is for non-institutional investors.
Barbeque Nation and Tamara have already raised Rs 149.97 crore by selling 59,51,132 equity shares. The company has raised funds in pre-IPO placements at Rs 396.82 per share. This has reduced the size of the company’s fresh issue from Rs 275 crore to Rs 180 crore.
The company will use the funds raised from the fresh issue to repay loans and expand restorations. While the promoters will get the money for the offer for sale. Promoters of the company are Sayaji Housekeeping Service, Qayyum Dhanani, Rauf Dhanani and Suchitra Dhanani.
The company opened its first Barbeque Nation restaurant in 2008. The company has so far opened 147 restaurants in 77 cities across the country. As of December 2020, there were 6 outlets in three countries.
Barbeque Nation shares will be listed on BSE and NSE. IIFL Securities, Axis Capital, Ambit Capital, and SBI Capital Markets are the book running lead managers of the company’s issue.
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