Casual eating chain Barbeque Nation Hospitality on Monday fastened a price band of Rs 498-500 per share for its preliminary share sale, which can open for public subscription on March 24. The three-day public difficulty will conclude on March 26, in accordance to the corporate.
Barbeque Nation Hospitality is backed by non-public fairness investor CX Partners and famend inventory market investor Rakesh Jhunjhunwala’s funding agency Alchemy Capital.
The preliminary public supply includes a recent difficulty of shares price Rs 180 crore and an offer-for-sale of up to 54,57,470 fairness shares.
Equity shares aggregating up to Rs 2 crore has been reserved for eligible staff.
At the higher finish of the price band, the IPO is predicted to fetch Rs 453 crore.
The firm has already raised Rs 150 crore by means of a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.
Proceeds from the problem might be utilised to fund the corporate’s capital expenditure for enlargement and opening of latest eating places apart from, prepayment or reimbursement of sure borrowings and bills associated to common company functions.
The firm is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by CX Partners, which made its first funding in 2013 and once more in 2015.
The promoters maintain 60.24 per cent, CX Partners owns 33.79 per cent and Jhunjhunwala’s funding agency Alchemy Capital holds 2.05 per cent of the corporate.
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 12 months, obtained Sebi’s approval in July 2020 to float the IPO.
The difficulty 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 operates 147 retailers throughout India and 6 retailers throughout three nations — UAE, Oman and Malaysia.
Earlier in 2017, the corporate had filed IPO papers with Sebi in search of to elevate Rs 700 crore. However, the regulator saved the processing of the corporate’s proposed IPO in abeyance “pending regulatory action for past violations” and eventually authorised the IPO plan in January 2018.
Although, the corporate couldn’t launch the preliminary share-sale due to hostile market situations.