The IPO may or may not involve fresh issue of shares but part stake sale by majority shareholder CX Partners is certain, a person familiar with the IPO process said.
Barbeque Nation Hospitality — the company behind the well-known chain of casual dining restaurants that go by the name Barbeque Nation — is set to float an initial public offering (IPO) this year, according to market sources.
The IPO may or may not involve fresh issue of shares but part stake sale by majority shareholder CX Partners is certain, a person familiar with the IPO process said. The company is being valued at Rs 2,000 crore.
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 private equity firm CX Partners owns majority stake.
The company has appointed Edelweiss Securities and IIFL as merchant bankers to the issue though it could not be independently verified with the two advisors.
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.
Barbeque Nation operates over 80 restaurants in India and one overseas.Stake sale by CX Partners will mean another successful monetisation of a business by the private equity firm, the others being Thyrocare Technologies and Ujjivan Financial Services in last one year.