LAST UPDATED: March 20, 2021, 12:53 p.m.
New Delhi (Anish Yande): Barbeque Nation Hospitality, the casual dining chain is set to launch its initial public offering in the next week. The dining chain is expected to launch its IPO in a year filled with several IPO launches. The Barbeque Nation IPO would be the eighth IPO launched in March 2021.
Merchant bankers associated with the issue have stated that Barbeque Nation Hospitality is expected to launch its IPO next week. The issue is expected to open on 24 March and close on 26 March.
Barbeque Nation IPO Important Details:
The IPO would consist of a fresh issue of shares amounting to Rs 180 crore and an offer-for-sale up to 54,57,470 equity shares, according to the bankers. The price band of the Barbeque Nation issue is fixed at Rs 498-500 per share. At the upper end of the price band, the company would be raising around Rs 453 crore.
Promoters of the company include Sayaji Housekeeping Services, Kayum Dhanani, Sayaji Hotels, Raoof Dhanani, and Suchitra Dhanani. Barbeque Nation is backed by private equity firm CX Partners.
The promoters hold a stake amounting to 60.24 percent in the company. Sayaji Hotels, which is the company owned by the Dhanani family, holds a stake of 45.7 percent in Barbeque Nation.
CX Partners holds a stake of 33.79 percent in Barbeque Nation. Rakesh Jhunjhunwala’s investment firm Alchemy Capital holds a stake of 2.05 percent in the casual dining chain.
The offer for sale would consist of the sale of up to 1.02 million shares by Sayaji Housekeeping Services. Tamara Pvt Ltd would contribute to the offer for sale with 3.32 million shares.
The Barbeque Nation issue is managed by Axis Capital, Ambit Capital, IIFL Securities, and SBI Capital. The dining chain has raised Rs 150 crore through a pre-IPO placement from Jubilant Foodworks and Xponentia Capital, by issuing 5.95 million shares.
Barbeque Nation would be utilizing the proceeds of the issue for repaying its borrowings.
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