·
Price Band of Rs.
498 – Rs. 500 per equity share of face value of Rs. 5 each (“Equity Share”)
·
Bid/Offer Opening
Date – Wednesday, March 24, 2021 and Bid/Offer Closing Date – Friday, March 26,
2021
·
Minimum Bid Lot
is 30 Equity Shares and in multiples of 30 Equity Shares thereafter
·
The Floor Price
is 99.6 times the Face Value of the Equity Shares and the Cap Price is 100 times the
Face Value of the Equity Shares.
Mumbai,
March 22, 2021: Barbeque-Nation
Hospitality Limited (referred to as BNHL or the Company), one of India’s leading
casual dining restaurant chains (in terms of outlet count as on September 30,
2020) according to a report dated February 19, 2021 prepared by Technopak Advisors
Private Limited (the “Technopak Report”), will open the bid/offer period in relation to
its initial public offering of equity shares (the “Offer”/ “IPO”)
on Wednesday, March 24, 2021 and close on Friday, March 26, 2021. The price
band for the Offer has been decided at Rs. 498 – Rs. 500 per equity share. The Company and Tamara
Private Limited (“TPL”), a selling shareholder, may in consultation with
the book running lead managers (the “BRLMs”), consider participation by anchor
investors, which shall be one working day prior to the bid/Offer opening date,
i.e. Tuesday, March 23, 2021.
The IPO is a fresh
issuance of equity shares of Rs 5 face
value, aggregating
up to Rs 180 cr and an offer for sale of up to 54,57,470 equity shares of face
value of Rs 5 each by the selling shareholders. Equity shares
aggregating up to Rs. 2 crore will be reserved for eligible employees. The Company proposes to
utilise the net proceeds from the fresh issue towards expansion and opening of
new restaurants by the Company, prepayment or repayment of certain outstanding
borrowings in part or in full availed by the Company on a consolidated basis and for
general corporate purposes.
BNHL pioneered the format
of ‘over the table barbeque’ concept in Indian restaurants according to the
Technopak Report. The first Barbeque Nation restaurant was launched in 2006 by one
of the promoters, Sayaji Hotels Limited (“SHL”). BNHL launched its first
Barbeque Nation restaurant in 2008 and subsequently acquired five restaurants
owned and operated by SHL in 2012. As of December 31, 2020, BNHL currently
operates 147 Barbeque Nation restaurants (including opened, temporarily closed
and under construction outlets) across 77 cities in India and six international
Barbeque Nation restaurants across three countries namely UAE, Oman and Malaysia.
BNHL has diversified its offering by acquiring 61.35% stake (on a fully diluted
basis) in Red Apple
Kitchen Consultancy Private Limited which currently owns and operates Italian
restaurants under the brand name “Toscano”, a casual dining Italian restaurant
chain operating in Pune, Bengaluru and Chennai, “La Terrace” and “Collage”. The
Company has further extended its offerings by introducing UBQ by Barbeque
Nation to provide a-la-carte Indian cuisine in the value segment. As of December 31, 2020, the Company was providing delivery in 77
cities in India under UBQ by Barbeque Nation from its existing kitchen
infrastructure. It has also launched “Barbeque-in-a-Box” in June 2020 as one of their
delivery products. This is in addition to two other products, “Grills in a Box”
and “Meals in our Box”, which are offered through delivery among other
offerings.
IIFL
Securities Limited, Axis Capital Limited, Ambit Capital Private Limited and SBI
Capital Markets Limited are the BRLMs to the issue.
The Offer is
being made in accordance with Regulation 6(2) of the Securities and Exchange
Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
and through a book building process wherein at least 75% of the net offer shall
be allotted on a proportionate basis to Qualified Institutional Buyers (“QIBs”,
and such portion, the “QIB Portion”). Our Company and TPL may, in
consultation with the BRLMs, allocate up to 60% of the QIB Portion to anchor investors
on a discretionary basis ("Anchor Investor Portion”), out of which
at least one-third shall be available for allocation to domestic mutual funds
only, subject to valid bids being received from the domestic mutual funds at or
above the anchor investor allocation price. 5% of the QIB Portion (excluding
the anchor investor portion) shall be available for allocation on a
proportionate basis to mutual funds only, and the remainder of the QIB Portion
shall be available for allocation on a proportionate basis to all QIB bidders,
including mutual funds, subject to valid bids being received at or above the offer
price.