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At the IPO price band of Rs 880-900, the offer is valued at 24.5/25 times its FY2021 EPS considering the diluted equity at the upper and lower price band.
Initial public offering by Barbeque Nation subscribed 92% on the first day of the bidding process so far. The public offer has received bids for 46,24,110 shares till 3.30 pm (IST) against 49,99,609 shares offered by the company.
The casual dining chain on Tuesday raised Rs 203 crore from anchor investors. The company’s IPO committee has decided to allocate 40,57,861 shares at Rs 500 apiece to 21 anchor investors.
The anchor investors include Goldman Sachs India, Nomura Funds Ireland, Fidelity Investment Trust, SBI Mutual Fund (MF), ICICI Prudential MF, Kotak MF, Aditya Birla Sunlife MF, HDFC MF, HDFC Life Insurance Company, Kuber India Fund, Pioneer Investment Fund and UPS Global Trust.
Barbeque Nation Hospitality is backed by private equity investor CX Partners and renowned stock market investor Rakesh Jhunjhunwala’s investment firm Alchemy Capital.
The initial public offer comprises fresh issue of shares worth Rs 180 crore and an offer-for-sale of up to 54,57,470 equity shares.
Equity shares aggregating up to Rs 2 crore have been reserved for eligible employees.
The company has fixed a price band of Rs 498- 500 per share for its initial share-sale, which will close on March 26.
At the upper end of the price band, the IPO is expected to fetch Rs 453 crore.
The company has already raised Rs 150 crore through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks. 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.