Barbeque Nation Hospitality receives IPO nod from SEBI

Popular dining chain Barbeque Nation Hospitality is buckling up to launch its IPO as the company received the final nod of the market regulator Securities and Exchange Board of India to raise around Rs. 7 billion through initial public offering. 
  
The IPO is likely to comprise a fresh issue of shares worth Rs. 2 billion and an offer for sale of up to 6,179,000 equity shares, as per the DRHP filed by the company. Moreover, the offer will include a reservation of up to 1.5 lakh equity shares for the company ’s employees.  The company had filed its draft red herring prospectus (DRHP) with SEBI in the month of August in 2017. 
  
The company is expected to utilise the funds raised through the IPO for setting up new Barbeque Nation restaurants, repayment of loans and other corporate purposes. The company has charted a tremendous growth from just one restaurant in 2006-07 to over 81 restaurants in 2017.        
  
The company has signed IIFL Holdings, Edelweiss Financial Services, Jefferies India and SBI Capital Markets as its book running lead managers to the issue. 
  
Continuing the IPO frenzy in the markets after an engaging year 2017 for IPOs, the markets are set to welcome big IPOs of companies including Hindustan Aeronautics Limited, Barbeque Nation Hospitality, IRCTC, Reliance General Insurance Company and HG Infra Engineering amongst others.