CX Partners-backed Barbeque Nation gets SEBI nod for IPO

Restaurant chain Barbeque Nation welcome Ltd (BNHL) has received the Securities associate degreed Exchange Board of Republic of India nod to float an initial public giving.
The casual-dining chain, backed by home-grown personal equity firm cardinal Partners, received final observations on five Gregorian calendar month. With this, BNHL becomes the primary to receive restrictive clearance in 2018.
As several as 46 companies had received clearance for IPOs in 2017, in line with SEBI’s web site.
BNHL can be part of a couple of dozen firms that have valid SEBI nod to launch IPOs. The firm had filed its draft documents in August for a difficulty size calculable at Rs 700-900 large integer ($109-140 million then).
BNHL’s can become the primarypublic offering by a chain in nearly six years. SAIF Partners-backed fine feeding chain operator Speciality Restaurants Ltd, that additionally runs sixty two food & beverages retailers in Republic of India, as well asstandard brands like China, Oh! metropolis and Sweet Bengal, went public in could 2012.
Kolkata-based Speciality Restaurants had mobilised over Rs one hundred seventy five large integer and joined different listed peers like Domino’s pizza pie {india|India|Republic of Republic of India|Bharat|Asian country|Asian nation} retailer — Jubilant Foodworks Ltd and McDonalds India retailer — Hardcastle Restaurants Pvt. Ltd.
The company’s initial public offering plans had hit restrictive hurdles. SEBI had unbroken the difficulty “in inaction unfinished restrictive action for past violation” in Oct last year.
BNHL had highlighted a number of past violations as risk factors in its draft red herring prospectus. Sayaji Hotels Ltd, one in all the promoters of Barbeque Nation, had did not adjust to SEBI’s minimum twenty fifth public float demand and additionally on an individual basis profaned rules on trading and takeovers. The buildingcompany’s promoters, Kayum Dhanani and members of the Dhanani family, also are promoters of Barbeque Nation.
According to the draft prospectus, Sayaji Hotels had not complied with the minimum public holding demand and SEBI had referred the matter of the delay in compliance for judgement.
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