Barbeque Nation Hospitality, that owns and operates the Barbeque Nation Restaurant chain, has filed fresh papers with the Securities and Exchange Board of India (SEBI) to raise an estimated Rs 1,000-1,200 crore through an initial public offering (IPO), a PTI report said.
The IPO will comprise of a fresh issue of shares worth Rs 275 crore and an offer-for-sale (OFS) of up to 98,22,947 equity shares, as per the draft papers filed with SEBI. 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 Rs 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.
The promoters hold 60.24 percent, CX Partners owns 33.28 percent and ace Indian stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 percent in the company.
According to PTI's sources, the IPO size will approximately be between Rs 1,000-1,200 crore.
The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.
The firm's had previously filed IPO papers with SEBI in 2017 but the market regulator had kept the processing of the company's proposed issue in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018. However, Barbeque Nation did not launch the issue due to averse market conditions.