BARBEQUE NATION IPO Listing On April 7
Barbeque Nation IPO listing: The IPO of Barbeque Nation Hospitality will be listed on the NSE and BSE on April 7 (Wednesday). Barbeque Nation finalised the allotment of IPO last week. The grey market premium of the unlisted shares has plunged sharply, signaling weak listing. This will be the first IPO listing in the financial year 2021-22.
Barbeque Nation is a popular casual dining chain. Its IPO was subscribed 5.98 times. As per NSE data, the Rs 453-crore issue received bids for 2,99,01,510 shares against 49,99,609 shares on offer. While the category for qualified institutional buyers (QIBs) was subscribed 5.11 times, non-institutional investors 3.10 times, and retail individual investors (RIIs) 13.13 times.
The initial public offer comprised a fresh issue of Rs 180 crore and an offer for sale of 54,57,470 equity shares. Price range for the offer was at Rs 498-500 per share.
In the grey market, the GMP of Barbeque Nation shares has fallen to Rs 10-12 from Rs 40 a week ago. The scrip is trading in the Rs 510-512 range.
The company had raised Rs 203 crore from anchor investors. Barbeque Nation Hospitality is backed by private equity investor CX Partners and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital.
The company will use the proceeds of the fresh issue to fund its capital expenditure for expansion, besides prepayment or repayment of certain borrowings and expenses related to general corporate purposes. The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. It is backed by private equity firm CX Partners, which made its first investment in 2013 and again in 2015.
Barbeque Nation Hospitality owns and operates Barbeque Nation Restaurants.
