Barbeque Nation IPO subscribed six times

The initial public offering (IPO) of casual dining restaurant Barbeque-Nation Hospitality garnered six times subscription.

Investors bid for nearly 30 million shares as against only 5 million on the offer.

The IPO comprised of Rs 180 crore of fresh fund raise and secondary share sale worth Rs 273 crore. The company will use the IPO proceeds to open new outlets and retire some debt.

The price band for the IPO is set at Rs 498 to Rs 500 per share. At the top-end, the company will be valued at Rs 1,877 crore. Barbeque-Nation capped a busy month for IPOs.

A total of nine maiden offerings worth a cumulative Rs 6,080 crore hit the market in March.