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Barbeque Nation files IPO papers with SEBI to raise up to Rs 1,200 crore

As per the DRHP, 50% of the offer will be available for allocation to qualified institutional buyers (QIBs). Further, up to 15% shall be available for allocation on a proportionate basis to non-institutional bidders and the remaining 35% will be available for retail individual bidders.

twitter-logoBusinessToday.In Last Updated: February 18, 2020 | 16:04 IST
Barbeque Nation files IPO papers with SEBI to raise up to Rs 1,200 crore
Promoters Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani hold 60.24% stake in the company

Casual dining restaurant chain Barbeque Nation Hospitality has filed a DRHP (Draft Red Herring Prospectus) with market regulator Sebi for an initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 275 crore and an offer for sale (OFS) of up to 98,22,947 equity shares.

The restaurant chain may consider a pre-IPO placement of up to Rs 150 crore, as per its DRHP.

The company will utilise the proceeds of the issue to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes. IIFL Securities Limited, Axis Capital Limited, Ambit Capital Private Limited, and SBI Capital Markets Limited are the book running lead managers to the issue.

As per the DRHP, 50% of the offer will be available for allocation to qualified institutional buyers (QIBs). Further, up to 15% shall be available for allocation on a proportionate basis to non-institutional bidders and the remaining 35% will be available for retail individual bidders.

Promoters Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani hold 60.24% stake in the company.

Private equity firm CX Partners, that made its first investment in the company in 2013 and then in 2015, is currently evaluating options to sell partial stake in the casual dining chain. CX Partners owns 33.79% stake, while ace investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05% stake in the company.

The restaurant chain was founded in 2006 and had 138 outlets across India, according to the DRHP.

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