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Barbeque Nation IPO Kicks Off The Market

Harsh Verma by Harsh Verma
in News & Updates
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The IPO of restaurant chain Barbeque Nation got opened on 24th and will close on 26 March. Its price band has been fixed at Rs 498-500. A lot of the issues of the company will be 30 shares which means, one has to bid for at least 30 shares. The company has reserved 75 percent of the total book for qualified institutional buyers. 10 percent for retail investors and 15 percent of the rest is for non-institutional investors. The company has decided to issue shares worth Rs 2 crore to its employees. Today on 26th March, is the final day to purchase the IPO of BBQ nation.
Barbeque Nation

The shares of the company are listed on the BSE and NSE. Barbeque Nation and Tamara have already raised Rs 149.97 crore by selling 59,51,132 equity shares. The company has raised funds in pre-IPO placements at Rs 396.82 per share which has reduced the size of the company’s fresh issue from Rs 275 crore to Rs 180 crore. The company has a fresh issue of Rs 180 crore while 54,57,470 equity shares are being issued through the offer for sale.

Barbeque Nation

Barbecue Nation has received investments from CX Partners and Alchemy Capital, an investment firm of veteran investor Rakesh Jhunjhunwala which holds a 28.87 percent stake in it, and Alchemy has a 2.83 percent stake. Rahul Agarwal, CEO of Barbecue Nation said, “We will use 75 crores from the IPO proceeds to pay off the debt and the remaining amount will be used for business expansion and the company’s general needs.”

Read More: Fuel Prices Fall as Crude Down by Rs.2 Further

The company opened its first Barbeque Nation restaurant in 2008. The company has so far opened 147 restaurants in 77 cities across the country. As of December 2020, there were 6 outlets in three countries. The company has already raised Rs 150 crore through IPO placements from Xponentia Capital and Jubilant Foodworks. Due to the COVID epidemic, BBQ Nation was forced to close its three outlets. However, the company was able to cope with the difficult times by taking some steps such as a change in the menu. Agarwal said delivery sales accounted for 3 percent of the company’s total revenue before COVID and it rose to 15 percent in November last year.

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