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Barbeque Nation Hospitality shares debut with 2% discount

The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani, and Suchitra Dhanani and is backed by CX Partners, which made its first investment in 2013 and again in 2015.

By Newsd
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Barbeque Nation Hospitality shares debut with 2% discount

Barbeque Nation Hospitality Ltd shares witnessed a weak listing at Rs 489.85 apiece on the National Stock Exchange on Wednesday.  Share made its debut at a marginal discount to the issue price of Rs500. This was in line with some recent IPOs, which also listed at a discount.

The stock then managed to pare its losses to gain as much as 2.6% to Rs 513, in the early minutes of trading.

The casual dining chain Barbeque-Nation Hospitality Rs 453-crore public issue was subscribed nearly 6 times and was sold in the range of Rs 498-500 per share. The issue was launched on March 24 and closed on March 26. 

Before the IPO, Barbeque Nation had raised Rs 202 crore by allocating 40.58 lakh equity shares at Rs 500 apiece to 15 anchor investors.

The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani, and Suchitra Dhanani and is backed by CX Partners, which made its first investment in 2013 and again in 2015.

The promoters hold 60.24 percent, CX Partners owns 33.79 percent, and Jhunjhunwala”s investment firm Alchemy Capital holds 2.05 percent of the company.

Barbeque Nation competes with listed peers such as Speciality Restaurants in the dining segment, while some of its quick-servicing rivals are Westlife Development Ltd., Jubilant Foodworks Ltd., and Burger King.

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