Bengaluru-based diner Barbeque Nation Hospitality Limited on Tuesday filed papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The company plans to raise Rs 1,000-1,200 crore through the IPO.
The issue comprises a fresh issue of shares worth Rs 275 crore and an offer for sale (OFS) of up to 98,22,947 equity shares.
Barbeque Nation may consider to do a pre-IPO placement not exceeding Rs 150 crore, the company has stated in its draft red herring prospectus (DRHP).
The diner’s promoters include Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by private equity investor CX Partners, which made its first investment in 2013 and again in 2015.
The promoters own 60.24 percent stake in the company, while CX Partners own 33.28 percent. Renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 percent in the company.
The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.
Up to 50 percent of the offer will be available for allocation to qualified institutional buyers (QIBs). Further, up to 15 percent shall be available for allocation on a proportionate basis to non-institutional bidders and the remaining 35 percent will be available for the allocation to retail individual bidders.
Barbeque Nation currently operates 138 outlets across 78 cities across 24 states in India and 7 outlets in UAE, Oman and Malaysia.
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