Barbeque Nation Hospitality gets Sebi's go ahead to float IPO

Casual dining chain Barbeque Nation Hospitality has received markets regulator Sebi's approval to raise about Rs 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 of India (Sebi).

The company may consider a pre-IPO placement to the tune of Rs 150 crore.

Barbeque Nation Hospitality, which had filed its draft papers with Sebi in February, obtained "observations" from the regulator on July 7, latest update with the capital markets watchdog showed.

Sebi's observations are necessary for any company to launch public issues like initial public offering (IPO), follow-on public offer (FPO) and rights issue.

Proceeds of the issue will be utilized 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 per cent, CX Partners owns 33.79 per cent and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent in the company.

Sandip Ginodia , CEO

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