Barbeque Nation files draft papers for IPO

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Published: August 15, 2017 4:20:19 AM

Barbeque Nation Hospitality has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) with markets regulator Securities and Exchange Board of India (Sebi).

Barbeque Nation, Barbeque Nation stocks, Barbeque Nation IPO, Barbeque Nation business, DRHP, initial public offering, IPO, Barbeque Nation Restaurants, QIB portionThe offer comprises a fresh issue of shares worth Rs 200 crore and an offer for sale of 61.79 lakh shares. (Image: Reuters)

Barbeque Nation Hospitality has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) with markets regulator Securities and Exchange Board of India (Sebi). The offer comprises a fresh issue of shares worth Rs 200 crore and an offer for sale of 61.79 lakh shares. The offer would constitute 14.22% of the post offer paid up capital of the company. The offer includes a reservation of up to 1.5 lakh equity shares, for subscription by eligible employees. The company will not receive any proceeds from the offer for sale.

The net proceeds of the fresh issue will be utilised for setting up new Barbeque Nation restaurants in India, repayment of loans and general corporate purposes. The company owns and operates Barbeque Nation Restaurants, a casual dining restaurant chain. As of June 30, 2017, the company operates 81 Barbeque Nation restaurants in 42 cities in India and one restaurant in Dubai.

The offer is being made through the book building process and not more than 50% of the offer shall be allotted on a proportionate basis to qualified institutional buyers (QIBs). And 5% of the QIB portion shall be available for to mutual funds, and the remaining of the QIB portion shall be available for allocation on a proportionate basis to all QIB bidders, including mutual funds.

Further, not less than 15% of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 35% of the Offer shall be available for allocation to retail investors.

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