Barbeque Nation share price SOARS over 66% in 3 days, HITS new high of Rs 833.7

Barbeque Nation IPO was subscribed 5.98 times. The public issue got subscribed by 13.13 times in the retail category, 5.11 times in QIB, and 3.10 times in the NII category. Barbeque Nation share price today is Rs 715, up Rs 10 or 1.5%. The stock made a high of Rs 833.7 today. Notably, the stock price got listed below the issue price of Rs 500 and witnessed sharp buying in the counter after getting listed.

The Rs 453 crore initial public offering of the popular dining chain was open for subscription from March 24-26, 2021. The offer was available in the price band of Rs 498-500 per equity share. Many Analysts said that some Big Domestic Funds and HNIs are expected to be the buyers in the counter today.

Barbeque Nation owns and operates Barbeque Nation, one of India’s leading casual dining restaurant chains (in terms of number of outlets as on September 30, 2020) according to the Technopak Report and International Barbeque Nation Restaurants. The company has steadily grown, owned and operated the network of Barbeque Nation restaurants, starting from a single restaurant in 2008 to 147 restaurants across 77 cities in India and six International Barbeque Nation Restaurants in three countries outside India as on December 31, 2020. Around 71 restaurants have been added since April2017 (24 restaurants have been added since April 2019).

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Barbeque Nation also owns and operates Toscano Restaurants and UBQ by Barbeque Nation restaurants. Toscano is an Italian cuisine brand with 11 restaurants across three cities in India (and contributes 6% of revenues), while UBQ by Barbeque Nation(launched in November 2018) predominantly caters to the delivery segment.

As compared to other fixed price dining options, Barbeque Nation Restaurants 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 services thereby making it a popular destination for celebrations. Consistent restaurant addition, higher churn out during weekdays/weekends and improved back-end efficiencies are some key growth drivers for the company. Revenue and operating profit grew at CAGR of 20.2% and 9.8% over FY2018-20. Its consolidated operating margins (OPM; including impact of Ind-AS116) stood at 19.4% in FY2020 (OPM of restaurants with more than two years of operations stood at 20%).