Casual eating chain Barbeque Nation Hospitality on Tuesday raised Rs 203 crore from anchor investors forward of its preliminary share-sale, which opens for public subscription on Wednesday. The firm’s IPO committee has determined to allocate 40,57,861 shares at Rs 500 apiece to 21 anchor investors. At this value, the corporate raised Rs 202.89 crore, in response to an announcement.
The anchor investors embrace Goldman Sachs India Ltd, Nomura Funds Ireland Public Limited Company, Fidelity Investment Trust, SBI Mutual Fund (MF), ICICI Prudential MF, Kotak MF, Aditya Birla Sunlife MF, HDFC MF, HDFC Life Insurance Company, Kuber India Fund, Pioneer Investment Fund and UPS Global Trust.
Barbeque Nation Hospitality is backed by personal fairness investor CX Partners and famend inventory market investor Rakesh Jhunjhunwala’s funding agency Alchemy Capital.
The preliminary public supply contains contemporary situation of shares value Rs 180 crore and an offer-for-sale of as much as 54,57,470 fairness shares.
Equity shares aggregating as much as Rs 2 crore have been reserved for eligible staff.
The firm has mounted a value band of Rs 498- 500 per share for its preliminary share-sale, which can open for public subscription throughout March 24-26.
At the higher finish of the value band, the IPO is predicted to fetch Rs 453 crore.
The firm has already raised Rs 150 crore by way of a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.
Proceeds of the contemporary situation might be utilised to fund the corporate’s capital expenditure for enlargement, in addition to prepayment or compensation of sure borrowings and bills associated to normal company functions.
The firm is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. It is backed by personal fairness agency CX Partners, which made its first funding in 2013 and once more in 2015.
The promoters maintain 60.24 per cent stake, CX Partners owns 33.79 per cent and Jhunjhunwala’s funding agency Alchemy Capital holds 2.05 per cent within the firm.
The complete working income of the corporate in FY20 was Rs 850.8 crore and the CAGR from FY17 to FY20 was at 19.5 per cent.
Barbeque Nation Hospitality, which filed preliminary papers in February final yr, acquired Sebi’s approval in July 2020 to drift the IPO.
The situation is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.
Barbeque Nation Hospitality owns and operates Barbeque Nation Restaurants.
It additionally operates Toscano eating places and UBQ by Barbeque Nation Restaurant.
As of December 2020, Barbeque Nation Hospitality operated 147 shops throughout India and 6 shops throughout three international locations — UAE, Oman and Malaysia.
Earlier in 2017, the corporate had filed IPO papers with Sebi looking for to lift Rs 700 crore. However, the regulator saved the processing of the corporate’s proposed IPO in abeyance “pending regulatory action for past violations”. It lastly authorised the IPO plan in January 2018.
However, the corporate couldn’t launch the preliminary share-sale on account of averse market situations.