Qualified institutional buyers portion was subscribed 5.11 times and that of non-institutional investors was subscribed 3.10 times. Retail investors portion was subscribed 13.13 times, while employees section was subscribed 1.02 times.
Analysts at Nirmal Bang in an IPO note said "we believe the more accurate method is comparing Operating Cash Flows which has been positive for past 4 years after paying lease liabilities and interest cost. The company has around ₹173 crore loans on the books which would be reduced from the IPO proceeds, thereby reducing the interest liability in future".
"On comparing enterprise value to cash generation, the valuations of Barbeque Nation looks attractive. With healthy balance sheet, robust revenue growth and strong cash flow generations we believe the company can be looked from long term investment perspectives" the brokerage added.
Barbeque Nation IPO comprised a fresh issue of ₹180 crore and an offer for sale of ₹273 crore by existing selling shareholders including promoters.
The company will utilise the net fresh issue proceeds for repaying outstanding debt. The company garnered ₹203 crore from anchor investors on Tuesday, a day before the issue opening.
Barbeque Nation Hospitality is one of India's leading casual dining restaurant chains and owns and operate Toscano Restaurants and UBQ by Barbeque Nation Restaurant.