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Barbeque Nation Hospitality IPO opens on March 24 at Rs 498-500 per share

Barbeque Nation Hospitality, the owner of the casual dining restaurant chain Barbeque Nation Restaurants, is set to open its initial public offering (IPO) for subscription on March 24. The price band for the public issue has been fixed at Rs 498-500 a share.

Barbeque Nation Hospitality IPO opens on March 24 at Rs 498-500 per share
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Barbeque Nation Hospitality IPO opens on March 24 at Rs 498-500 per share

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Barbeque Nation Hospitality, the owner of the casual dining restaurant chain Barbeque Nation Restaurants, is set to open its initial public offering (IPO) for subscription on March 24. The price band for the public issue has been fixed at Rs 498-500 a share.

The public issue comprises a fresh issue of Rs 180 crore and an offer for sale of 54,57,470 equity shares by shareholders Sayaji Housekeeping Services, Azhar Dhanani, Sadiya Dhanani, Sanya Dhanani, Tamara, Aajv Investment Trust and Menu Private Limited, an advertisement published in newspapers by the company said.

The company has reserved Rs 2 crore worth of shares for its employees. Investors can bid for a minimum of 30 equity shares and in multiples of 30 equity shares thereof, which translates to a minimum application size of Rs 15,000 per lot at the higher price band.

The company has reserved 75 percent of the total book size for qualified institutional buyers, 10 percent for retail investors and the remaining 15 percent for non-institutional investors.

Barbeque Nation and Tamara have already raised Rs 149.97 crore by selling 59,51,132 equity shares through its pre-IPO placement at a price of Rs 396.82 a share. The fresh issue size stands reduced at Rs 180 crore from Rs 275 crore.

The company will utilise net proceeds from the fresh issue for expansion and opening of new restaurants and repaying certain borrowings, while the offer for sale money will go to the selling shareholders.

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