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The initial public offer (IPO) of Barbeque Nation Hospitality received bids for 2.99 crore shares as against 49.99 lakh shares on offer, according to the stock exchange data at 17:00 IST on Friday (26 March 2021). The issue was subscribed 5.98 times. The issue opened for bidding on Wednesday, 24 March 2021, and it will close today, 26 March 2021. The price band for the IPO was set at Rs 498-500 per share. The issue comprised fresh issue of up to Rs 180 crore and an offer for sale of 54,57,470 equity shares. Ahead of the IPO, the company on 23 March 2021 finalised allocation of 40,57,861 equity shares to anchor investors at Rs 500 per share, aggregating to Rs 202.89 crore. Out of net proceeds from the fresh issue of Rs 180 crore, an amount of Rs 54.62 crore is proposed to be utilized for capital expenditure for expansion and opening of new restaurants by the company; and Rs 75 crore is proposed to utilize for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company on a consolidated basis; and balance for general corporate purposes. The company proposes to add 20 new Barbeque Nation Restaurants in FY2022 and another 6 Barbeque Nation Restaurants in FY2023. Barbeque Nation Hospitality is one of India's leading casual dining restaurant chains, which owns and operates Barbeque Nation Restaurants and International Barbeque Nation Restaurants. It also owns and operates Toscano Restaurants and UBQ by Barbeque Nation Restaurant. The first Barbeque Nation Restaurant was launched in 2006 by one of the promoters, Sayaji Hotels (SHL), while the company launched its first Barbeque Nation Restaurant in 2008 and, subsequently, acquired five Barbeque Nation Restaurants owned by SHL in 2012. The company has steadily grown its owned and operated Barbeque Nation Restaurant network from a single restaurant in 2008 to 164 restaurants end December 2020, which includes 147 Barbeque Nation Restaurants across 77 cities in India, 6 International Barbeque Nation Restaurants in 3 countries outside India and 11 casual dining Italian restaurant chains (of which 9 are operated under the brand name Toscano, one restaurant each under the brand names La Terrace and Collage). On a consolidated basis, the company reported a net loss of Rs 100.65 crore and revenue of Rs 201 crore in the eight months ended on 30 November 2020. Powered by Capital Market - Live News
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