Barbeque Nation Hospitality mops up Rs 203 crore from anchor investors ahead of IPO

IPO

Fidelity, Eastspring Investments India, Nomura Funds, Goldman Sachs and UPS Group Trust are among marquee investors that invested in Barbeque Nation Hospitality through anchor book.

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Casual dining chain Barbeque Nation Hospitality has raised more than Rs 202.89 crore from anchor investors on March 23, ahead of its initial public offer (IPO).

The issue will open for subscription on March 24 and will close on March 26, 2021.

“The company and Tamara Private Limited in consultation with merchant bankers have finalised the allocation of 40,57,861 equity shares to anchor investors, at a price of Rs 500 per share,” Barbeque Nation said in its circular filed with the exchanges.

Fidelity, Eastspring Investments India, Nomura Funds, Goldman Sachs and UPS Group Trust are among marquee investors that invested in the company through anchor book.

Among others, SBI Mutual Fund, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Kotak Mutual Fund, Motilal Oswal Mutual Fund, HDFC Life Insurance, Pioneer Investment Fund and Kuber India Fund also invested funds in the company.

Barbeque Nation Hospitality is planning to raise Rs 452.87 crore through its public issue. The price band of the offer has been fixed at Rs 498 – Rs 500 per share.

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The offer comprises a fresh issue of Rs 180 crore and an offer for sale of up to 54,57,470 equity shares by existing selling shareholders – Sayaji Housekeeping Services, Azhar Dhanani, Sadiya Dhanani, Sanya Dhanani, Tamara, Aajv Investment Trust and Menu Private Limited.

The net fresh issue funds will be utilised towards expansion and opening of new restaurants, and repayment of certain debts.

Also read – Barbeque Nation Hospitality IPO: 10 key things to know before the issue opens

Barbeque Nation Hospitality operated 147 Barbeque Nation restaurants across 77 cities in India and six international Barbeque Nation restaurants across three countries namely UAE, Oman and Malaysia, as of December 2020.

This issue will be the latest addition to the list of IPOs that hit the primary market so far in the calendar year 2021, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation, Heranba Industries, MTAR Technologies, Easy Trip Planners, Anupam Rasayan, Craftsman Automation, Laxmi Organic, Kalyan Jewellers, Nazara Technologies and Suryoday Small Finance Bank.