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Barbeque Nation Hospitality to open IPO on March 24, 2021 at price band of Rs 498 to Rs 500
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Wednesday, 24 March, 2021, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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BarbequeNation Hospitality will open the bid period of its initial public offering (IPO) fixed at Rs498 toRs 500 on March 24, 2021 and close on Friday, March 26, 2021.
The price band for the offer has been decided per equity share. The company and Tamara Private a selling shareholder, may in consultation with the book running lead managers consider participation by anchor investors, which shall be one working day prior to the bid opening date, March 23, 2021.
The company proposes to utilise the net proceeds from the fresh issue towards expansion and opening of new restaurants, prepayment or repayment of certain outstanding borrowings in part or in full availed on a consolidated basis and for general corporate purposes.
According to the Technopak Report of February 19, 2021, the company accounts for the highest outlet count as on September 30, 2020. The IPO is a fresh issuance of equity shares of Rs 5 face value, aggregating up to Rs 180 crore and an offer for sale of up to 54,57,470 equity shares of face value of Rs 5 each by the selling shareholders.
Equity shares aggregating up to Rs 2 crore will be reserved for eligible employees. BNHL pioneered the format of ‘over the table barbeque’ concept in Indian restaurants according to the Technopak Report.
The first restaurant was launched in 2006 by one of the promoters, Sayaji Hotels. The company launched its first restaurant in 2008 and subsequently acquired five restaurants owned and operated by SHL in 2012. As of December 31, 2020, BNHL currently operates 147 restaurants including opened, temporarily closed and under construction outlets across 77 cities in India and six international restaurants across three countries namely UAE, Oman and Malaysia.
BNHL has diversified its offering by acquiring 61.35 per cent stake (on a fully diluted basis) in Red Apple Kitchen Consultancy Private Limited which currently owns and operates Italian restaurants under the brand name ‘Toscano’, a casual dining Italian restaurant chain operating in Pune, Bengaluru and Chennai, La Terrace and Collage. The company has further extended its offerings by introducing UBQ by Barbeque Nation to provide a-la-carte Indian cuisine in the value segment. As of December 31, 2020, the company was providing delivery in 77 cities in India under UBQ from its existing kitchen infrastructure. It has also launched Barbeque-in-a-Box in June 2020 as one of their delivery products. This is in addition to two other products, Grills in a Box and Meals in our Box, which are offered through delivery among other offerings.
IIFL Securities Limited, Axis Capital Limited, Ambit Capital Private Limited and SBI Capital Markets Limited are the BRLMs to the issue.
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