Speciality Restaurants Sets Price Band At Rs 146 to Rs 155 Issue Opens On May 16 (16-May-2012)
: Speciality Restaurants Sets Price Band At Rs 146 to Rs 155 Issue Opens On May 16
Speciality Restaurants, operator of popular joints such as Mainland China, Oh! Calcutta and Sigree is looking forward for garnering Rs 182 crore from its initial public offering. The company is planning to sell 11.74 million shares through the offering. The price band has been set at Rs 146 to Rs 155.
The dine operator intends to utilize the issue proceeds towards development of new restaurants, development of a food plaza and repayment of portions of term loan facilities.
Kotak Mahindra Capital Company is the book running lead manager and Link Intime India is the registrar to the issue. The issue opens on May 16, 2012 and closes on May 18, 2012. The rating agency CRISIL has given grade 4 to the issue, indicating above average fundamentals.
Speciality Restaurants, incorporated in 1999, presently operates through 69 restaurants and 13 confectionaries located in 21 cities in India and one city in Bangladesh. The company primarily focuses on providing guests an affordable fine dining experience with quality food and service in a modern ambience. It has increased the number of company owned and operated restaurants from 30 and franchise restaurants from one as of March 31, 2008 to 49 and 20 as of February 29, 2012 respectively. 'Speciality Restaurants' flagship brand is Mainland China which serves Chinese cuisine in a standalone fine dining setting and encompasses 36 restaurants across India as well as one in Bangladesh. It contributed 50-60% to the topline of the company from 2009 to 2011-12 fiscal.
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