Barbeque Nation, one of India’s leading casual dining restaurant chains, raised Rs 453 crore through its IPO.
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Casual dining restaurant chain operator Barbeque Nation Hospitality’s share price was locked in a 20 percent upper circuit on April 8 for the second consecutive session after its stock market debut.
Trading was frozen in initial hours on April 8 and remained up 20 percent, though the circuit was opened in late morning deals for few minutes.
The stock traded at Rs 708.45, rising by Rs 118.05 or 19.99 percent, with a volume of 6.41 lakh equity shares at 1434 hours .
On April 7, it made a weak start but immediately moved higher to trade with 20 percent gains and closed at Rs 590.40 against the issue price of Rs 500 a share.
One of India’s leading casual dining restaurant chains, Barbeque Nation raised Rs 453 crore through its IPO last month, which subscribed just six times, a subdued response when compared to offer public offers.
The company owns and operates Barbeque Nation Restaurants, Toscano Restaurants and You and Barbeque (‘UBQ’) by Barbeque Nation. As of December 2020, the company had 164 restaurants owned and operated by them.
“The company’s operations were impacted last year due to pandemic led lockdowns. The company has taken various initiatives to overcome the challenges including cost optimisation, focus on delivery business, as well as updated their BBQ App,” Siddhartha Khemka, Head – Retail Research, Broking & Distribution at Motilal Oswal Financial Services said.
The company has reported net loss in three of the four previous fiscals. “That apart, the second wave of the pandemic has raised the risk of further slower growth in the near term. While valuations appear cheap, investors only with a long-term horizon may look at the stock,” he said.
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