Speciality Restaurants IPO subscribed 2.5 times
Fine dining operator Speciality Restaurants' initial public offer has been subscribed 2.49 times so far on final day, as per data available on NSE website. Maximum bids for the issue were seen in the range of Rs 146-150 a share as against price band of Rs 146-155.
Speciality Restaurants initial public offering finally sailed through on Friday, the final day of issue subscription, its investors likely tempted by Mainland China, Oh! Calcutta and the other fine dining brands that the company operates.
It had not been a good run for IPOs off-late due to the overall market volatility. Samvardhana Motherson Finance and Plastene India tested the IPO waters but sank with no lifeline from investors. Speciality Restaurants has managed to buck the trend.
The issue has subscribed 2.54 times on final day, as per data available on NSE website. Maximum bids for the issue were seen in the range of Rs 146-150 a share as against price band of Rs 146-155.
The issue received bids for more than 2.53 crore equity shares as against issue size of 99.78 lakh shares (excluding anchor book).
Reserved portion of qualified institutional investors got subscribed 4.68 times followed by non-institutional investors with 2.19 times and retail just 0.55.
Speciality Restaurants had offered 1.17 lakh shares via issue and aims to raise Rs 182 crore at higher end of the price band.
It received commitment of Rs 26.41 crore from five anchor investors, which are Morgan Stanley Mutual Fund, International Opportunities Funds-India Equity, SBI Magnum Global Fund, Reliance Equity Opportunities Fund and HSBC India Alpha (Mauritius).
The company, run by Anjan Chatterjee and Suchhanda Chatterjee, currently runs 69 restaurants and 13 confectionary stores across 22 cities in India. Mainland China, its biggest brand, accounts for 60.3% of its revenues, followed by Oh! Calcutta at 12.3%.
Anjan Chatterjee, who is also the MD, says the focus will remain on expanding Mainland China. The plan is to scale Mainland China to 100 restaurants by 2016. It also plans to expand Sigree to a formidable Indian fine dining brand over next few years.
The company also operates brands like Fire & Grill, Haka, Just Biryani, Kibbeh, Machaan and confectionary stores Sweet Bengal across India.
Speciality Restaurants is also setting up food courts in Kolkata and Pune, which will house most of its brands under one roof. It also plans to start all-day Italian cafes, which will essentially be bar cum eatries, under the brand Mizuna.