Casual dining chain Barbeque Nation opens tomorrow, all you need to know
Investors can bid for a minimum of 30 equity shares and in multiples, thereafter, translating to a minimum bidding amount of Rs 15,000 at the higher price band of Rs 500.
CX Partners and ace investor Rakesh Jhunjhunwala backed casual dining chain Barbeque Nation Rs 452.87 crore initial public offering (IPO) is set to hit the streets on March 23. The public offer comprises a fresh issue of equity shares worth Rs 180 crore and offer-for-sale (OFS) worth Rs 272.87 crore by promoters and shareholders.
Here are key things to know before subscribing to the public issue:
Open and close date: The IPO of Barbeque Nation will open on March 24 and the issue will close on March 26.
Price band: The price band for the IPO has been fixed at Rs 498-500 per share.
Lot size: Investors can bid for a minimum of 30 equity shares and in multiples, thereafter, translating to a minimum bidding amount of Rs 15,000 at the higher end of the price band. A retail investor can at max apply for 13 lots or 390 shares for 1,95,000.
Objective of issue: The company will utilise the net proceeds from the fresh issue towards expansion and opening of new restaurants, repayment of certain outstanding borrowings, and for general corporate purposes.
The offer for sale money will go to existing shareholders who are offloading stake.
About the company: Barbeque Nation Hospitality Ltd own and operate Barbeque Nation Restaurants, one of India’s leading casual dining restaurant chains (in terms of outlet count as of September 30, 2020) and International Barbeque Nation Restaurants. They also own and operate Toscano Restaurants and UBQ by Barbeque Nation Restaurant.
The company has147 Barbeque Nation Restaurants (including opened, temporarily closed and under construction outlets) across 77 cities in India and six International Barbeque Nation Restaurants in three countries outside India. One of its subsidiaries, Red Apple owns and operates 9 restaurants under the brand name, “Toscano”, a casual dining Italian restaurant chain and operates one restaurant each under the brand names “La Terrace” and “Collage” respectively
Financials:
For the eight months period ended on November 30, 2020, it has reported a net loss of Rs. 100.65 crore, on a turnover of Rs. 236.61 cr.
What’s in it for retail investors: The company has reserved shares worth Rs. 2 crore, for its eligible employees. From the residual portion, it has reserved 75% for qualified institutional buyers, 15% for non-institutional investors/HNIs and 10% for retail investors.For the eight months period ended on November 30, 2020, it has reported a net loss of Rs. 100.65 crore, on a turnover of Rs. 236.61 cr.
Book Running Lead Managers and Registrar to the IPO: Joint Book Running Lead Managers (BRLMs) to this offer are IIFL Securities, Axis Capital, Ambit Capital & SBI Capital Markets. Link Intime India is the registrar to the issue.
Listing of shares: The issue is likely to finalize the basis of allotment by April 1, and the initialization of funds will take place by April 5. While the credit of equity shares to depository accounts of allottee will be done on April 6. The company is expected to make its stock market debut BSE & NSE on April 7, 2021.