Barbeque Nation IPO Live Subscription Status and Analyst Reviews

Live subscription status across each investor category and analyst recommendations
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Barbeque Nation IPO Subscription Status: FINAL

Barbeque Nation Hospitality Limited (BNHL), incorporated in 2008, is one of India’s leading casual dining restaurant chains (in terms of outlet count as of September 30, 2020) and International Barbeque Nation Restaurants. It also owns and operates Toscano Restaurants and UBQ by Barbeque Nation Restaurant.

Investor CategoryQuotaSubscription
Institutional (QIB)75%5.11x
Non-Insti. (HNI)15%3.10x
Retail (RII)10%13.13x
Employees1.02x
Total Subscription100%5.98x

Barbeque Nation IPO Subscription: End of Day Update

DayDay 1Day 2Day 3
QIB0.37x0.37x5.11x
HNI0.07x0.10x3.10x
Retail6.14x9.66x13.13x
Employees0.41x0.70x1.02x
Total1.33x1.98x5.98x

Barbeque Nation IPO Subscription: Analyst Recommendations

CHOICE BROKING – AVOID [ Report ]

“At a higher price band of Rs. 500, the company is demanding an EV/Sales multiple of 3x (to its FY20 sales of Rs. 8,470mn), which is a discount to the peer average of 3.9x. Comparison with QSR chains is unjustifiable because of different business model and a relatively higher proportion of delivery business. In contrast, BNHL’s delivery business contributed 15% to the business in Nov. 2020 (mainly due to pandemic induced lockdown), which is not sustainable in the future”

Prabhudas LilladherCAUTION

“We believe the company is valued cheaply at 1.4 times FY23 EV/sales. However, the stock at 46 times FY23 EPS offers limited upside. Although we expect reasonable listing gains given the euphoria in the IPO market, the operational delivery needs to improve significantly for any serious re-rating in the long term”

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Barbeque Nation IPO Subscription: Key IPO Details

201820192020 Mar2020 Nov
Revenue from Ops₹571.17 Cr₹703.46 Cr₹787.05 Cr₹177.19 Cr
Profit before exep.*₹144.39 Cr₹165.33 Cr₹159.55 Cr₹9.92 Cr
Net Profit20.10 Cr₹(37.02) Cr₹(92.67) Cr₹(79.77) Cr
EPS (Basic)7.07(13.96)(33.11)(28.50)
*Exceptional Items
As of March 2020EPS (Weighted)P/E (Floor)P/E (Cap)
Based on basic EPS(8.30)

Barbeque Nation IPO: Comparison with listed industry peers

CompanyP/E (Cap)
Suryoday SFB
Sector Highest140.05*
Sector Lowest140.05*
Sector Average140.05*
*As per RHP, comparing with Jubilant Food Works
(Not really an apples to apples comparison!)

Barbeque Nation IPO Subscription – FAQs

1. How to apply for Barbeque Nation IPO in Retail Category?

A: An investor in retail category may either apply through the UPI process via DEMAT account or the ASBA process via bank account

2. How to apply for Barbeque Nation IPO in HNI Category?

A: An investor can apply in HNI category only through the ASBA process via bank account

3. Where can I find the Red Herring Prospects (RHP) details?

A: You can visit the NSE or SEBI website for these details. Alternately you can click here: RHP and DRHP

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