Saturday, May 12, 2012

Speciality Restaurants IPO

Speciality Restaurants, a fine dining operator, will be launching its public issue of 1,17,39,415 equity shares of face value Rs 10 each. The issue will constitute 25% of the post-issue paid-up capital. The company provides an affordable fine dining experience with quality food and service in a modern ambiance, with 62 restaurants and 11 confectioneries as of 31 December, 2010. Promoters Anjan Chatterjee and Suchhanda Chatterjee will reduce their stake in the company to 60.69% post issue.

The IPO opens on 16 May, 2012 and closes on 18 May, 2012. The company has fixed a price band of Rs 146 to Rs 155 per share.

Speciality Restaurants intends to use proceeds of the IPO for development of new corporate restaurants (with an outlay of Rs 144.685 crore); development of a food plaza (with cost of Rs 15.1 crore); and repayment of a term loan facility (with Rs 10.433 crore). The company plans to open 48 corporate restaurants.

Kotak Mahindra Capital Company Limited is the book running lead manager to the issue and Link Intime India Private Limited is the registrar.

Recommendation:

CRISIL has assigned grade 4 to the IPO indicating above average fundamentals. We recommend long term investors to invest in this IPO.

Subscription:

Speciality Restaurants IPO got subscribed by 2.54 times at the close of the IPO, largely due to support from QII.

At the close of the IPO,
QII segment got subscribed 4.68 times
NII segment got subscribed 2.19 times
Retail segment got subscribed 0.55 times

Allotment:

The company has fixed the price of a share at Rs 150. Click here to check Speciality Restaurants IPO Allotment Status!

Listing:

Speciality Restaurants IPO got listed on 30th May, 2012. The IPO closed 6.4% higher at Rs 159.40 against the issue price of Rs 150 per share.


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