After successfully raising Rs 453 crore from initial public offering (IPO), all eyes are on the share allocation in Rakesh Jhunjhunwala-backed Barbeque Nation Hospitality. The allotment of shares for Barbeque Nation Hospitality initial public offer (IPO) was expected to be finalised on April 1. Investors can check their allotment status on IPO registrar’s website, the Link Intime India, as well as BSE. The share of Barbeque Nation is expected to be listed on BSE and NSE on April 7.
The Rs 453 crore IPO of the casual-dining restaurant chain had received decent response from investors, subscribing 5.98 times. The issue received bids for 2,99,01,510 shares against 49,99,609 shares on offer, as per NSE data. The quota for qualified institutional buyers (QIBs) was subscribed 5.11 times, non institutional investors 3.10 times, and retail individual investors (RIIs) 13.13 times.
The issue, which was sold from March 24 to 26, comprised equity shares aggregating up to Rs 1,175 crore, including fresh equity aggregating up to Rs 800 crore and an offer for sale (OFS) worth Rs 375 crore. The price band for the offer was at Rs 498-500 per share.
Ahead of IPO, the company has raised Rs 203 crore from anchor investors. Backed by private equity investor CX Partners and ace investor Rakesh Jhunjhunwala’s investment firm Alchemy Capital, Barbeque Nation Hospitality is intended to use fund proceeds to fund the company’s capital expenditure for expansion, besides prepayment or repayment of certain borrowings and expenses related to general corporate purposes.
The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. It is backed by private equity firm CX Partners, which made its first investment in 2013 and again in 2015.