Reportedly casual dining chain Barbeque Nation Hospitality has filed fresh papers with markets regulator Sebi to raise an estimated ₹1,000-1,200 crore through an initial public offering. The IPO comprises a fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the Securities and Exchange Board ofIndia (Sebi).
Meanwhile the company may consider a pre-IPO placement to the tune of Rs 150 crore. Proceeds of the issue will be utilised to repay an outstanding borrowing of ₹205 crore in part or full and for general corporate purposes. The company is promoted by Sayaji Hotels, Sayaji Housekeeping services, Kayum Dhanani, Raoof Dhanani and suchitra Dhanani and is backed by private equity firm CX Partners, which made its first investment in 2013 and again in 2015.
Moreover the promoters hold 60.24 per cent, CX Partners owns 33.28 per cent and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy capital holds 2.05 per cent in the company. According to market sources, the IPO size will approximately be between ₹1,000-1,200 crore. The issue is being managed by IIFL Securities, Axis capital, Ambit capital and sbi capital Markets.
