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After Nazara Tech, renowned stock market investor Rakesh Jhunjhunwala-backed company is planning to go for an IPO next week, according to merchant banking sources.

The casual dining chain Barbeque Nation Hospitality plans to offer fresh issue of shares worth Rs 180 crore and an offer-for-sale of up to 54,57,470 equity shares, the sources said.

Proceeds of the IPO will be used to fund the company’s capital expenditure for expansion, besides repayment of certain borrowings and expenses related to general corporate purposes.

IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets, are managing the issue.

The firm had filed preliminary papers in February last year and received SEBI’s approval to float the IPO in July 2020.

Barbeque is backed by private equity investor CX Partners and Alchemy Capital, which is owned by Jhunjhunwala.

In 2017, the company had filed IPO papers with SEBI seeking to raise Rs 700 crore, but SEBI kept the processing of the company’s proposed IPO in the backburner, pending regulatory action for past violations.

It finally approved the IPO plan in January 2018.

The firm is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani.

All of them hold 60.24 percent stake, CX Partners owns 33.79 percent and Alchemy Capital holds 2.05 percent in the company.

The total operating revenue of the company in FY20 was Rs 850.8 crore and the CAGR from FY17 to FY20 was at 19.5 percent.


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