Barbeque Nation Hospitality’s Rs 452.87 crore preliminary public supply (IPO) was oversubscribed on the primary day of the problem. Barbeque Nation Hospitality’s share sale by way of IPO was subscribed 1.33 instances until 5:00 pm on the primary day of the problem, knowledge from the National Stock Exchange confirmed. Barbeque Nation Hospitality obtained a complete of 66.46 lakh bids for 49.99 lakh shares on the supply.A complete of 42.87 lakh bids had been obtained on the cut-off worth, the info confirmed.
Barbeque Nation Hospitality shares had been in heavy demand among the many retail buyers as portion reserved for them was subscribed 3.48 instances whereas the portion reserved for Qualified Institutional Buyers (QIBs) and Non Institutional Investors noticed tepid response by the tip of the primary day of the bidding.
Barbeque Nation Hospitality has fastened the worth band of the supply at Rs 498 – Rs 500 per share.
The IPO includes of a recent problem of Rs 180 crore and a suggestion on the market of as much as 54,57,470 fairness shares by present promoting shareholders. Investors can bid for a minimal one lot of 30 fairness shares and in multiples of 30 thereafter, as much as 13 heaps.
A complete of 75 per cent of the problem is reserved for certified institutional consumers, 10 per cent for retail buyers and the remaining 15 per cent for non-institutional buyers. The firm has reserved Rs 2 crore value shares for its staff.
The firm will utilise the IPO proceeds to open new eating places, repay excellent borrowings and for basic company functions.
Barbeque Nation Hospitality was included in 2006 and the primary Barbeque Nation restaurant was established in 2008.
IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets are the ebook operating lead managers to the general public problem.