Casual Dining Giant, Barbeque Nation refiles for IPO
Barbeque Nation Hospitality Limited, the single largest player in the
organised dining space has refiled a fresh draft red herring prospectus
(DRHP) with the Securities and Exchange Board of India (SEBI) for an
initial public offering (IPO). The Issue comprises a fresh issue of
shares of ₹275 and an offer for sale of up to 98,22,947 equity shares. The Company may consider to do a pre ipo placement not exceeding ₹150 crore, as stated in the DRHP.
The
promoters of BNHL are Sayaji Hotels, Sayaji Housekeeping Services,
Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by
private equity investor, CX Partners who made its first investment 2013
and again in 2015.
The Promoter and Promoter group holds 60.24
percent, CX Partners owns 33.79 percent and renowned stock market
investor Rakesh Jhunjhunwala's investment firm Alchemy Capital holds
2.05 percent in the company owned and company operated restaurant chain.
IIFL
Securities Limited, Axis Capital Limited, Ambit Capital Private
Limited, and SBI Capital Markets Limited are the Book Running Lead
Managers to the issue.
Up
to 50 per cent of the offer will be available for allocation to
qualified institutional buyers (QIBs). Further, up to 15 per cent of the
offer shall be available for allocation on a proportionate basis to
non-institutional bidders and 35 per cent of the offer will be available
for the allocation to retail individual bidders.
According to market sources, the Issue size will approximately be between ₹1000-1200
crore. The proceeds of the issue will be utilized to repay an
outstanding borrowing of Rs 205 cr in part or full and general corporate
purposes.
As
a part of its expansion plans, BNHL which pioneered the format of over
the table barbeque concept in indian restaurants, has diversified
itself, the cuisine offered and customer segement outreach by recently
acquiring 61.35% stake in Red Apple Kitchen which owns a
well-established brand, Toscano, a casual dining Italian restaurant
chain which currently has 10 outlets operating across Bengaluru and
Chennai. Additionally through its existing kitchen infrastructure, it
launched UBQ in November 2018 to provide a la carte Indian cuisine in
the value segement which is currently being availed by delivery across
71 cities
The
consolidated total revenue from continuing operations, EBITDA and
Adjusted EBITDA of the company grew from ₹4,985.81 million, ₹1,217.33
million and ₹695.69 million, respectively, in FY2017 to ₹7,425.41
million, ₹1,493.87 million and ₹777.31 million, respectively, in FY2019,
at a CAGR of 22.04%, 10.78% and 5.70%, respectively.
Since
its earlier filing in August 2017, the fast growing restaurant chain
has opened up 59 new outlets and is currently operating 138 outlets
across 78 cities across 24 states in India and 7 outlets in UAE, Oman
and Malaysia. The restaurant has seen 14.29 % CAGR increase in its in
dining covers in India which has grown from 6.86 mn in FY17 to 8.96 mn
in FY 19, pillared by referrals and recommendations of customers
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