Barbeque Nation to file DRHP for Rs. 1,000-crore IPO early Sep, PE to part exit
The company has appointed Edelweiss Securities and IIFL as merchant bankers to the issue
Dhirendra TripathiMoneycontrol News
Barbeque Nation Hospitality –the company behind the well-known chain of casual dining restaurants that go by the first two words of its own name—will by the first week of September file the draft papers with the capital market regulator for a Rs. 1,000-crore initial public offering, an official familiar with the development told Moneycontrol.
“The IPO will comprise one-third fresh shares and two-third stake sale by the existing promoters. The DRHP should get filed by end of August, give it plus minus four to five days here or there,” he said.
Barbeque Nation is an associate company of Sayaji Housekeeping Services, a wholly-owned subsidiary of Indore-headquartered and BSE-listed Sayaji Hotels. Sayaji Housekeeping owns 47.4 percent in Barbeque Nation while Delhi-based CX Partners owns majority stake. The private equity firm could sell as much as half of its stake through the IPO, the official said.
The company has appointed Edelweiss Securities and IIFL as merchant bankers to the issue. Barbeque Nation also owns the India master franchise rights for American burger chain Johnny Rockets.
Barbeque Nation pioneered the concept of live grills embedded under dining tables — allowing customers to grill their own barbeque.This ‘DIY’ (do-it-yourself) concept, championed by Barbeque Nation, is quite a hit with customers, who have also lapped up the chain's offering of unlimited vegetarian and non-vegetarian starters for less than Rs 1,000. It also offers buffet and unlimited desserts under the same package.