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Bengaluru-based Barbeque Nation Hospitality Ltd (BNHL), a casual dining chain, has re-filed a draft fed herring prospectus (initial papers) with markets regulator for an Initial Public Offering (IPO).
According to market sources, the company intends to raise about Rs 1,000-1,200 crore through the IPO.
The issue comprises a fresh issue of shares of Rs 275 crore and an offer for sale of up to 98.23 lakh equity shares. The company may consider a pre-IPO placement not exceeding Rs 150 crore, according to the DRHP filed with the Securities and Exchange Board of India (SEBI).
The promoters of BNHL are Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by private equity investor CX Partners. The promoter and promoter group holds 60.24 per cent, CX Partners owns 33.28 per cent and investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent.
IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets are the book running lead managers to the issue.
The proceeds of the issue will be utilised to repay loans of Rs 205 crore and general corporate purposes.
Since its earlier filing in August 2017, the restaurant chain has opened up 59 new outlets and is currently operating 138 outlets across 78 cities in 24 States and 7 outlets in the UAE, Oman and Malaysia. The restaurant has posted 14.29 per cent rise in its in dining covers in India, which has grown to 8.96 million in FY’19 from 6.86 million in FY’17.
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