Barbeque Nation IPO
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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..
NEW DELHI: Barbeque
Nation Hospitality (BHNL) refiled fresh draft red herring prospectus
(DRHP) with Sebi for its initial public offer (IPO). According to
market sources, the issue size will be approximately Rs 1,000-1,200 crore.
The issue by the Bengaluru-based company -- backed by private equity investor CX Partners and ace investor Rakesh Jhunjhunwala's investment firm Alchemy Capital -- would comprise a fresh issue of shares of Rs 275 crore and an offer for sale of up to 98,22,947 equity shares. The company may consider doing a pre-IPO placement not exceeding Rs 150 crore, the company said in its DRHP.
The promoters of Barbeque Nation Hospitality (BHNL) are Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. Private equity investor CX Partners made its first investment in the company in 2013 and then in 2015.
The promoters hold 60.24 per cent stake in the firm, while CX Partners owns 33.79 per cent and renowned investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent in the company.
Barbeque Nation Hospitality (BHNL) claims to be India’s largest player in the organised dining space.
IIFL Securities, Axis Capital, Ambit Capital, and SBI Capital Markets are the Book Running Lead Managers to the issue.
The issue by the Bengaluru-based company -- backed by private equity investor CX Partners and ace investor Rakesh Jhunjhunwala's investment firm Alchemy Capital -- would comprise a fresh issue of shares of Rs 275 crore and an offer for sale of up to 98,22,947 equity shares. The company may consider doing a pre-IPO placement not exceeding Rs 150 crore, the company said in its DRHP.
The promoters of Barbeque Nation Hospitality (BHNL) are Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. Private equity investor CX Partners made its first investment in the company in 2013 and then in 2015.
The promoters hold 60.24 per cent stake in the firm, while CX Partners owns 33.79 per cent and renowned investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent in the company.
Barbeque Nation Hospitality (BHNL) claims to be India’s largest player in the organised dining space.
IIFL Securities, Axis Capital, Ambit Capital, and SBI Capital Markets are the Book Running Lead Managers to the issue.
Up to 50 per cent of the offer will be available for
allocation to qualified institutional buyers (QIBs). Further, up to 15 per cent
of the offer shall be available for allocation on a proportionate basis to
non-institutional bidders and 35 per cent of the offer will be available for
the allocation to retail individual bidders.
The proceeds of the issue will be utilised to repay an outstanding borrowing of Rs 205 crore in part or full and general corporate purposes.
The company recently acquired 61.35 per cent stake in Red Apple Kitchen, which owns Toscano, a casual dining Italian restaurant chain that has 10 outlets operating across Bengaluru and Chennai. Additionally through its existing kitchen infrastructure, the company launched UBQ in November 2018 to provide a la carte Indian cuisine in the value segment, which is currently being availed by delivery across 71 cities.
Since its earlier filing in August 2017, the restaurant chain has opened up 59 new outlets and is operating 138 outlets across 78 cities across 24 states in India and 7 outlets in the UAE, Oman and Malaysia.
The restaurant has seen 14.29 per cent growth compounded annually in its dining covers in India, which has grown from 68.60 crore in FY17 to 89.60 crore in FY19, pillared by referrals and recommendations of customers.
The proceeds of the issue will be utilised to repay an outstanding borrowing of Rs 205 crore in part or full and general corporate purposes.
The company recently acquired 61.35 per cent stake in Red Apple Kitchen, which owns Toscano, a casual dining Italian restaurant chain that has 10 outlets operating across Bengaluru and Chennai. Additionally through its existing kitchen infrastructure, the company launched UBQ in November 2018 to provide a la carte Indian cuisine in the value segment, which is currently being availed by delivery across 71 cities.
Since its earlier filing in August 2017, the restaurant chain has opened up 59 new outlets and is operating 138 outlets across 78 cities across 24 states in India and 7 outlets in the UAE, Oman and Malaysia.
The restaurant has seen 14.29 per cent growth compounded annually in its dining covers in India, which has grown from 68.60 crore in FY17 to 89.60 crore in FY19, pillared by referrals and recommendations of customers.
According to Technopak, the chain CDR market is one of
the fastest growing segments in the Indian restaurant Industry and is projected
to grow at a CAGR of 20% between FY19- FY24.
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