India’s Barbeque Nation plans to launch IPO

Bengaluru-based restaurant chain Barbeque Nation Hospitality aims to raise about Rs700 crore (US$109 million) through an IPO.

Draft documents filed with the Securities and Exchange Board of India say the offer comprises a fresh issue of up to Rs200 crore as well as an offer for sale of up to 6.2 million equity shares by company’s promoters.

The company says it plans to use the funds raised to expand nationally, as well as repay loans.

At the end of June, the company ran 81 Barbeque Nation restaurants in 42 cities in India plus one in Dubai.

Domestic investor CX Partners is likely to sell the bulk of its holding in the company, according to the draft prospectus.

According to Deal Street Asia, the casual-dining chain has acquired the master franchisee rights to India for US burger chain Johnny Rockets.