Barbeque Nation Hospitality bounced again after making a tepid inventory market debut.
Shares of informal eating chain operator Barbeque Nation Hospitality bounced again after making a tepid inventory market debut. Barbeque Nation Hospitality shares opened for buying and selling at Rs 492 on the BSE and at Rs 489 on the National Stock Exchange towards its concern worth of Rs 500 per share. However, the shares rebounded quickly after opening and rose as a lot as 18 per cent to hit an intraday excessive of Rs 590 on the BSE and climbed as a lot as 17.56 per cent to Rs 587.80 on the National Stock Exchange.
Barbeque Nation Hospitality’s Rs 453-crore IPO was subscribed 5.98 occasions, in accordance with knowledge accessible on the inventory exchanges. The public concern obtained bids for two,99,01,510 shares towards 49,99,609 shares on supply. The certified institutional patrons (QIBs) class was subscribed 5.11 occasions, non-institutional buyers 3.10 occasions and retail particular person buyers, 13.13 occasions.
The preliminary public supply consisted of a contemporary concern of Rs 180 crore and a suggestion on the market of 54,57,470 fairness shares. Ahead of the general public concern, the corporate had raised Rs 203 crore from anchor buyers. Barbeque Nation will utilise the IPO proceeds to open new eating places, repay excellent borrowings and for common company functions.
IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets are the ebook working lead managers to the general public concern of Barbeque Nation Hospitality.
Barbeque Nation Hospitality was integrated within the 12 months 2006 and is without doubt one of the main informal eating restaurant chains within the nation right now. It is backed by personal fairness investor CX Partners and Rakesh Jhunjhunwala’s funding agency Alchemy Capital.
As of 11:48 am, Barbeque Nation shares traded 20 per cent increased at Rs 590, outperforming the Sensex which was up 1.2 per cent.
