Barbeque Nation Hospitality IPO – Review, Allotment, Subscription, GMP & more

Let’s have a detailed review of the company and analytics of the Barbeque Nation Hospitality Limited IPO release date, IPO offer price, subscription, Barbeque Nation Hospitality IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.Stock Broker Complaints


Barbeque Nation Hospitality IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments7.4/10
Industry Ranking7.1/10
Company Background8.2/10
Company Reputation7.7/10
Competitive Edge7.2/10
Financial Statements8.0/10
Popularity Index7.6/10
Promoters Reputation8.0/10
Retail Appetite7.5/10
Top Brokers Review8.1/10
Overall Ratings7.5/10
Star Ratings★★★★☆

Summary of Barbeque Nation Hospitality IPO

Barbeque Nation Hospitality IPO

They own and operate Barbeque Nation Restaurants, one of India’s leading casual dining restaurant chains according to the Technopak Report, and International Barbeque Nation Restaurants.

They also own and operate Toscano Restaurants and UBQ by Barbeque Nation. The first Barbeque Nation Restaurant was launched in 2006 by SHL, one of their promoters.

They have steadily grown their owned and operated Barbeque Nation Restaurant network from a single restaurant in Fiscal 2008 to 138 Barbeque Nation Restaurants in 73 cities in India and seven International Barbeque Nation Restaurants in three countries outside India as of November 30, 2019.

From FY 2016-17 to FY 2018-2019, as per the Restated Financial Statements

  • In Fiscals 2017, 2018 and 2019 and for six months ended September 30, 2019, their total consolidated revenues from continuing operations were Rs.4,985.81 million, Rs.5,904.48 million, Rs.7,425.41 million and Rs.4,242.50 million.
  • Their consolidated EBITDA from continuing operations was Rs.1,217.33 million, Rs.1,403.68 million, Rs.1,493.87 million and Rs.889.26 million and their Adjusted EBITDA from continuing operations was Rs.695.69 million, Rs.823.94 million, Rs.777.31 million and Rs.469.66 million, respectively

The Promoters of this company are SAYAJI HOTELS LIMITED, SAYAJI HOUSEKEEPING SERVICES LIMITED, KAYUM DHANANI, RAOOF DHANANI AND SUCHITRA DHANANI. The lead managers to the issue are IIFL Securities Limited, Axis Capital Limited, Ambit Capital Private Limited, SBI Capital Markets Limited. The Registrar to this issue is Link Intime India Private Limited.



Barbeque Nation Hospitality IPO Dates / Launch Date

The opening and the closing date of Barbeque Nation Hospitality IPO is not known yet.


Barbeque Nation Hospitality IPO Subscription 

Day / DateQIBNIIRIITotal Subscription
1st Day – 
2nd Day – 
3rd Day – 
4th Day – 
Shares Offered or Net Issue

The shares subscribed by the public will be updated here.


Barbeque Nation Hospitality IPO Allotment Status

Here, you can find the Allotment Status of this IPO. Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.

Barbeque Nation Hospitality IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment Finalization
Refunds Initiation
Credit of Shares to Demat Account
Share Listing Date

Barbeque Nation Hospitality IPO Price Band / Cash Price

The face value of each share is Rs.5, and the cash price of the IPO is [●]. 


Barbeque Nation Hospitality IPO Size

This Initial Public Issue of [●] Equity Shares of Rs.5 each for cash at a price of Rs.[●] per equity share aggregating to Rs.[●] Million.


Barbeque Nation Hospitality IPO Share Offering

Fresh Issue: The Fresh Issue of [●] Equity Shares by their Company of Rs.10 each at a price of [●] per equity share aggregating to Rs.2,750 million,

Net Offer:The Offer minus the Employee Reservation Portion

Offer for Sale: Offer for sale consists of Up to 9,822,947 Equity Shares of face value of Rs.5 each for cash at a price of Rs.[●] per Equity Share aggregating Rs.[●] Million.


Barbeque Nation Hospitality Limited – Company Overview

They launched their first Barbeque Nation Restaurant in 2008, and subsequently acquired five Barbeque Nation Restaurants owned by SHL in 2012. They have steadily grown their owned and operated Barbeque Nation Restaurant network from a single restaurant in Fiscal 2008 to 138 Barbeque Nation Restaurants in 73 cities in India and seven International Barbeque Nation Restaurants in three countries outside India as of November 30, 2019.

The company also recently acquired 61.35% of the equity share capital on a fully diluted basis of one of their Subsidiaries, Red Apple, which owns and operates nine restaurants under the brand name, “Toscano”, a casual dining Italian restaurant chain and operates a single restaurant under the brand name “La Terrace”.

The first Toscano Restaurant commenced operations in June 2008 and, as of November 30, 2019, they operated ten Italian cuisine restaurants, nine of which are under the brand name “Toscano”, in two cities in India. In November 2018, they launched UBQ by Barbeque Nation to provide a la carte Indian cuisine in the value segment. At present, UBQ by Barbeque Nation predominantly caters to the delivery segment.

Barbeque Nation Hospitality Core Values and Crafted Service

They believe the value they offer, the nature and quality of their food offerings and the ambience and service of their restaurants create a one-of-a-kind overall customer experience. Through their Barbeque Nation Restaurants, they pioneered the format of ‘over the table barbeque’ concept in Indian restaurants according to the Technopak Report.

Live grills embedded in dining tables allow their guests to grill their own barbeques. They believe their Barbeque Nation Restaurants, compared to other fixed price dining options, offer competitive attractions such as a wide range of vegetarian and non-vegetarian appetisers and main courses, a popular dessert menu, a pleasant and casual dining environment and prompt service.

They also periodically run popular food festivals at their Barbeque Nation Restaurants offering their guests a range of Indian, international and fusion cuisines.

Barbeque Nation Hospitality – Expanded Business

They have recently diversified into another brand pursuant to their acquisition of 61.35% of the equity share capital on a fully diluted basis of Red Apple, which operates 10 Italian Restaurants in two cities in India, namely Bengaluru and Chennai.

Of the Italian Restaurants operated by them as of November 30, 2019, two Toscano Restaurants were opened since March 31, 2019 whereas four Toscano Restaurants were opened in the three Fiscals immediately preceding Fiscal 2019. Their acquisition of Red Apple has enabled them to diversify their brand, cuisine and customer segment beyond their flagship concept of ‘over the table barbeque’.

UBQ by Barbeque Nation provides a la carte Indian cuisine in the value segment, initially through leading food delivery service providers for the delivery of their food. As of November 30, 2019, they were providing delivery in 71 cities in India of a la carte Indian cuisine under UBQ by Barbeque Nation from their existing kitchen infrastructure.

Barbeque Nation Hospitality – Growth Prospects

According to Technopak, the chain CDR market is one of the fastest growing segments in the Indian restaurant industry and is projected to grow at a CAGR of approximately 20.00% from Fiscal 2019 to Fiscal 2024.

Their Barbeque Nation Restaurants have experienced steady growth in the number of covers over the last three Fiscals, and the proportion of total revenues from weekday sales and lunch covers at Barbeque Nation Restaurants is relatively higher as compared with the industry average according to the Technopak Report.

They carefully choose the locations of their Barbeque Nation Restaurants with the objective of keeping their rent to potential revenue ratio low.

Barbeque Nation Hospitality Achievements

Their Company was ranked 13th among best companies to work for in India across all categories by Economic Times “Great Places to Work” survey for 2019 conducted by Great Places to Work Institute. Their Company was also voted among the top ten employers within the Indian retail industry for 2019 by Great Places to Work and 14th among best large workplaces in Asia by Great Places to Work Institute.

Barbeque Nation Hospitality Limited: Business strategies

  • Increase same store sales growth, revenue per store and profitability as the vintage of their Barbeque Nation Restaurants increases
  • Continue expansion in Indian cities
  • Preserve their customer and team-focused culture and values
  • Expansion through owned & franchise formats in select international markets
  • Continue evaluating strategic brand acquisitions

Barbeque Nation Hospitality Ltd – Financial Statements

On the basis of Standalone statement:

Amount (in INR & Million)
30-Sep-1931-Mar-19Mar-1831-Mar-17
Total Assets8,597.328,190.857,231.605,288.23
Total Revenue4,242.507,425.415,904.484,985.81
Total Expense3,353.245,931.544,500.803,768.48
Profit After Tax(93.64)(383.86)(58.00)39.56

Earnings per Equity Share (in Million)

Amount (in INR & Million)
30-Sep-19Mar-1931-Mar-1831-Mar-17
Basic & Diluted(3.35)(14.45)(2.51)1.58

Barbeque Nation Hospitality IPO – Promoters

The Promoter of this company is:

  • SAYAJI HOTELS LIMITED
  • SAYAJI HOUSEKEEPING SERVICES LIMITED
  • KAYUM DHANANI
  • RAOOF DHANANI
  • SUCHITRA DHANANI

List of Related Parties (Key Managerial Personnel)

  • Nagamani C Y, Company Secretary and Compliance Officer
  • Rahul Agrawal, Chief Executive Officer
  • Amit V Betala, Chief Financial Officer

Interest in promotion of the Company

Their Promoters are interested in their Company to the extent

(i) that they have promoted their Company;

(ii) of their shareholding and the shareholding of their relatives in their Company and the dividend payable, if any and other distributions in respect of the Equity Shares held by them or their relatives;

(iii) of being Directors of their Company and the sitting fees payable to them for attending meetings of their Board or committees thereof payable under their Articles of Association;

(iv) of being subscribers to the Memorandum of Association;

(v) that their Company or Subsidiaries have undertaken transactions or business arrangements with their Promoters, or their relatives or entities in which their Promoters hold shares or entities in which their Promoters are members of the board of directors or firms in which relatives of their Promoters hold interest; or

(vi) that their relatives are employees of their Company and are paid remuneration by their Company.

Interests of Promoter in property of their Company

Their Promoters have no interest in any property acquired by their Company during the three years immediately preceding the date of this Draft Red Herring Prospectus, or proposed to be acquired, or in any transaction by their Company for acquisition of land, construction of building or supply of machinery.


Barbeque Nation Hospitality IPO Offer Details or Issue Details

Particulars No. Of Equity Shares
 Equity Shares OfferedUp to [●] Equity Shares, aggregating up to Rs.[●] Million
 Of which:
Fresh Issue[●] Equity Shares, aggregating up to Rs.2,750 Million
Offer for SaleUp to 9,822,947 Equity Shares, aggregating up to Rs.[●] Million
Of which:
Employee Reservation PortionUp to [●] Equity Shares aggregating up to Rs.20 million
Of which:
QIB CategoryNot more than [●] Equity Shares
Non-Institutional PortionNot less than [●] Equity Shares
Retail PortionNot less than [●] Equity Shares
 Equity Shares outstanding prior to the Issue27,991,788 Equity Shares
 Equity Shares outstanding after the Issue[●] Equity Shares

Barbeque Nation Hospitality IPO Issue Object

The Net Proceeds are proposed to be utilised in the following manner:

1. prepayment or repayment of all or a portion of certain outstanding borrowings availed by their Company on a consolidated basis; and

2. general corporate purposes,

Barbeque Nation Hospitality Limited: Competitive Strength

  • Barbeque Nation is one of India’s fastest growing and widely recognised restaurant brands in the rapidly growing CDR market.
  • Steady growth in covers and APC leading to growth in average bill size with a relatively high proportion of total revenues from weekday sales and lunch covers
  • Attractive offerings based on constant menu innovation and customer focus
  • Strong business processes and back-end systems leading to efficient operations
  • Experienced staff and value-oriented business culture led by some of their Promoters and their senior management team bringing experience from well-known hospitality brands
  • Healthy financial position with proven track record of revenue growth

Barbeque Nation Hospitality IPO – Basis of the Offer Price

The Offer Price has been determined by their Company and the Selling Shareholder in consultation with the Lead Managers on the basis of the key business strengths.

Qualitative factors are:

  • Barbeque Nation is one of India’s fastest growing and widely recognised restaurant brands in the rapidly growing CDR market
  • Steady growth in covers and APC leading to growth in average bill size with a relatively high proportion of total revenues from weekday sales and lunch covers
  • Attractive offerings based on constant menu innovation and customer focus
  • Strong business processes and back-end systems leading to efficient operations
  • Experienced staff and value-oriented business culture led by some of their Promoters and their senior management team bringing experience from well-known hospitality brands
  • Healthy financial position with proven track record of revenue growth

Barbeque Nation Hospitality IPO – Quantitative Factors

Basic EPS 
Diluted EPSRONW in %NAV (Rs.)
31-Mar-174.484.477.64%
31-Mar-187.077.034.68%
*31-Mar-19(13.96)(13.96)(16.11)%41.86
  • Price to Earnings (P/E) ratio in relation to Price band of Rs.[●] of Rs.[●] per each
ParticularsP/E ratio
Highest167.37
Average122.69
Lowest78.01

Barbeque Nation Hospitality Limited: Competitive Peers

Face Value (Rs.)Total Income for FY19 (in Rs. million)
P/EEPS Basic (Rs.)Return on Net Worth (%)NAV per share (Rs.)
Barbeque Nation Hospitality Limited5.007,425.41[●](8.31)-16.11%47.04
Listed Peers
Jubilant Foodworks Limited10.0036,105.0878.0124.2325.39%95.45
Westlife Development Limited2.0014,176.74167.372.596.91%37.47
Speciality Restaurants Limited10.003,558.19NA*(1.66)-3.56%46.72

Barbeque Nation Hospitality IPO Lead Managers

Lead Managers
IIFL Securities Limited

Axis Capital Limited

Ambit Capital Private Limited

SBI Capital Markets Limited

Barbeque Nation Hospitality IPO Registrar to Offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st floor, 247 Park,
L.B.S. Marg, Vikhroli (West),
Mumbai 400 083
Tel: +91 22 4918 6200
E-mail: bnhl.ipo@linkintime.co.in
Investor grievance email: bnhl.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration No: INR000004058

Other Details:

  • Statutory Auditor – Deloitte Haskins & Sells
  • Legal Counsel to the Company –Platinum Partners
  • Bankers to the Company –Axis Bank Limited, Induslnd Bank Limited, Yes Bank Limited

Barbeque Nation Hospitality IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

Barbeque Nation Hospitality IPO Grey Market Premium

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Barbeque Nation Hospitality IPO News

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