Barbeque Nation’s IPO Subscribed 5.98 Times On Final Day
A dish of lamb shish kebab is served at a restaurant. (Photographer: Richard Vines/Bloomberg)

Barbeque Nation’s IPO Subscribed 5.98 Times On Final Day

Retail and institutional investors piled into the Rs 452.87-crore initial public offering of Barbeque Nation Hospitality on its final day, deriving optimism from the success of recent share sales.

The restaurant chain’s issue was subscribed 5.98 times as of 5 p.m. on March 26, according to exchange data.

Subscription Details:

  • Institutional investors: 5.11 times.
  • Non-institutional investors: 3.10 times.
  • Retail investors: 13.13 times.
  • Employees: 1.02 times.

The nineteenth IPO of 2021, in which shares were sold at Rs 498-500 apiece, received bids for 5.41 crore equity shares against an offer of 90.57 lakh equity shares. The company has replaced Craftsman Automation at 15th spot on the 2021 IPO list.

Barbeque Nation plans to use Rs 54.6 crore from the issue as capital expenditure to expand and open new restaurants, and Rs 75 crore towards prepayment or repayment of all or a portion of outstanding borrowings on a consolidated basis.

Post IPO, promoter shareholding in the restaurant chain will decline from 47.8% to 38.1%.

IIFL Securities Ltd., Axis Capital Ltd., Ambit Capital Pvt. and SBI Capital Markets Ltd. were the book-running lead managers for the issue.

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