Barbeque Nation Hospitality Received Approvals From SEBI:
To begin with, the casual dining chain Barbeque Nation Hospitality looking to enter into the public through its IPO. On July 14th, the company also received approvals from the Securities and Exchange Board of India.
According to the draft prospectus, the plans to raise around Rs. 1,000 cr to Rs. 1,200 cr from its IPO. Initially, the company contains a fresh issue of shares worth Rs. 275 cr. Moreover, offer-for-sale of up to 98,22,947 equity shares. Also, the company obtained Rs. 150 cr through a pre-IPO placement.
Furthermore, the Barbeque Nation submitted its IPO draft prospectus with the market regulator in February 2020. If any company wants to introduce its IPO, FPO, and any rights issue, the company should receive approvals from SEBI.
As well as, the company plans to utilize the raised amount for the repayment of its outstanding borrowings, and its general corporate purposes. Presently, Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani, and Suchitra Dhanani are promoters for this company.
Moreover, the company promoters held 60.24% of its stake, CX Partners held a 33.79% stake and Alchemy Capital held a 2.05% stake. As per the records, the size of the IPO in between Rs. 1,000 cr to Rs. 1,200 cr.
Additionally, the Barbeque IPO will manage by IIFL Securities, Axis Capital, Ambit Capital, and SBI Capital Markets. Previously, the company submitted its IPO draft papers with the market regulator SEBI in 2017.