Barbeque Nation refiles IPO papers with SEBI

Barbeque Nation has refiled fresh Draft Red Herring Prospectus (DRHP) with SEBI for its Initial Public Offer (IPO). Through IPO, the casual dining restaurant chain plans to raise an estimated Rs 1,000-1,200 crore.

The IPO will comprise a fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 98,22,947 equity shares. The Bengaluru-based company may consider a pre-IPO placement to the tune of Rs 150 crore.

Barbeque Nation will use the proceeds to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes.

The Book Running Lead Managers to the issue are IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets. 

In 2017, the restaurant chain filed IPO papers with SEBI seeking to raise Rs 700 crore, however, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018. Although, Barbeque Nation could not launch the initial share-sale due to adverse market conditions.

Barbeque Nation Hospitality, which owns and operates Barbeque Nation Restaurants, is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. It is backed by private equity firm CX Partners, which made its first investment in 2013 and again in 2015. 

Presently, Barbeque Nation operates 138 outlets across India and 7 outlets in the UAE, Oman and Malaysia.

Barbeque Nation’s Eat-All-You-Can Buffet

Barbeque Nation is famous for its eat-all-you-can buffet. The buffet showcases an array of vegetarian and non-vegetarian spreads.

For starters, the restaurant offers non-vegetarian delicacies like Mutton Kadhak Seekh, Chilli Garlic Prawns, Ajwaini Fish Tikka, Murg Boti Kebab, etc. For vegetarians, the restaurant provides mouth-watering Hariyali Kumbh, Pineapple Chaat, Cajun Spice Baby Potato and Punjabi Paneer Tikka, among others.

The restaurant’s main course includes non-vegetarian dishes like Chicken Dum Biryani, Kashmiri Mutton Rogon Josh and Murgh Makhani, and vegetarian ones including Paneer Tikka Masala, Kashmiri Pulao, Dal-E-Dum, and Mushroom Ka Josh.

Its dessert section consists of Walnut Brownie, Assorted Pastry, Angoori Gulab Jamun, Marvel Cake, and Kesari Phirnee. The restaurant’s popular Kulfi Nation counter also offers a wide range of Kulfis.