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Barbeque Nation Files IPO Papers with SEBI

The Barbeque Nation Hospitality, casual dining chain has filed fresh papers with the Securities and Exchange Board of India (SEBI) to raise an estimated Rs 1,000-1,200 crore through an initial public offering (IPO). The fresh issue comprises worth of Rs 275 crore and an offer for sale of up to 98,22,947 equity shares, according to draft papers.  The company may consider a pre-IPO placement to the tune of Rs 150 crore. Proceeds of the issue will be utilised to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes.
The promotion of the company by many hotels like Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by private equity firm CX Partners, who made the first investment in 2013 and again in 2015. The issue of share is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets. In 2017, the company had filed IPO papers with SEBI seeking to raise Rs 700 crore. However, the regulator kept the processing of the company’s proposed IPO in abeyance ‘pending regulatory action for past violations’  and finally approved the IPO plan in January 2018.
Read EquityPandit’s Nifty Outlook for the Week
Recently, Barbeque nation Hospitality owns and operates Barbeque Nation Restaurants for operating 138 outlets all over India and 7 outlets in the UAE, Oman and Malaysia.

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