Speciality Restaurants, which runs popular food chains such as Mainland China, Oh! Calcutta and Sigree, launched its initial public offer of 117.4 lakh shares today. It plans to raise Rs 171.4 crore at lower end of price band of Rs 146-155 a share and Rs 181.96 crore at higher band.
Yesterday company has 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). It has finalised allocation of 17.6 lakh shares to five investors at Rs 150 a share - an average of price band of Rs 146-155.
Speciality Restaurants intends to use funds for development of new corporate restaurants (with an outlay of Rs 144.685 crore); development of a food plaza (with cost of Rs 15.1 crore); and repayment of a term loan facility (with Rs 10.433 crore).
Promoters Anjan Chatterjee and Suchhanda Chatterjee will reduce their stake in the company to 60.69% post issue. The issue will close on May 18.
Kotak Mahindra Capital Company Limited is the book running lead manager to the issue and Link Intime India Private Limited is the registrar.
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