SR price band fixed at Rs 146-155

Speciality Restaurants today fixed the price band at Rs 146-155 for its Rs 182-crore initial public offering,that opens for subscription on May 16.

Written by Agencies | Mumbai | Published:May 14, 2012 6:11 pm

Fine dine operator Speciality Restaurants today fixed the price band at Rs 146-155 for its Rs 182-crore initial public offering (IPO),that opens for subscription on May 16.

The IPO of about 1.17 crore equity shares,with a face value of Rs 10 each,closes on May 18.

The issue will comprise 25 per cent of the post-issue paid up equity share capital of the company.

The book running lead manager to the issue is Kotak Mahindra Capital company.

The company will mainly utilise the funds raised in the capital market for developing new restaurants,for repayment of term loan and for general corporate purpose,company’s founder and Managing Director Anjan Chatterjee told reporters here.

“We are looking at opening 16 new restaurants in FY13,of which about 75 per cent will be under the Mainland China brand,especially in metro and tier I cities and an occasional tier II city,” he added.

For this purpose,the company has already entered into arrangements for lease property in Mumbai,Pune and Thane,he added.

As of now,Speciality Restaurants has 82 eateries under 10 brands,including Mainland China,Oh! Calcutta,Sigree,Flame & Grill,Machaan Sweet Bengal and Just Biryani spread across 22 cities in the country.

The focus of the expansion will be Mainland China,the flagship brand of the company,that contributes about 60 per cent revenue.

“We also have two restaurants one each under Mainland China and Oh! Calcutta brands in Bangladesh,” he added.

The company’s revenue in FY11 stood at Rs 150 crore,PAT was at Rs 16 crore and the debt was at Rs 31.6 crore.

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