Barbeque Nation IPO subscribed 1.33 times on Day 1

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New Delhi: The initial public offer of casual dining chain Barbeque Nation Hospitality Limited was subscribed 1.33 times on March 24, the first day of subscription.

The Rs 453-crore issue received bids for 66,46,830 shares against 49,99,609 shares on offer, as per NSE data.

The portion meant for qualified institutional buyers (QIBs) was subscribed 37 per cent, non-institutional investors 7% and retail individual investors (RIIs) 6.14 times.

The initial public offer comprises a fresh issue of Rs 180 crore and an offer for sale of 54,57,470 equity shares. The price range for the offer is Rs 498-500 per share.

Barbeque Nation Hospitality on March 23 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.

Proceeds of the fresh issue will be utilised to fund the company’s 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.

Axis Capital Limited, IIFL Securities Limited, Ambit Capital Private Limited and SBI Capital Markets Limited are the managers to the offer.