Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Barbeque Nation Hospitality / Equity Capital Markets

Barbeque nation (BN) aims to raise around US$150m in its India IPO. It owns and operates casual dining restaurants under the same name, Barbeque Nation Restaurants. As of Nov 2019, it had 138 restaurants  in 73 cities in India and seven international restaurants in three other countries.The company had tried to list earlier in FY17 but was held back due to regulatory reasons. Hence, one has a longer financial history available for the company. The number of restaurants operated by the company has increased by 4x over FY13-19. This has led to strong revenue growth. However, EBITDA and PATMI have lagged revenue growth even though the cost of foods and beverages as a percentage of revenue has been declining. The pressure of margins appears to stem from rising employee costs.Even on a per restaurant basis, revenue, EBITDA and operating cash flow has been declining. Furthermore, the company recently acquired a group of Italian restaurants in order to diversify its offering. The last time it tried to diversify, it didn’t end up doing too well.

Barbeque nation (BN) aims to raise around US$150m in its India IPO. It owns and operates casual dining restaurants under the same name, Barbeque Nation Restaurants. As of Nov 2019, it had 138 restaurants  in 73 cities in India and seven international restaurants in three other countries.The company had tried to list earlier in FY17 but was held back due to regulatory reasons. Hence, one has a longer financial history available for the company. The number of restaurants operated by the company has increased by 4x over FY13-19. This has led to strong revenue growth. However, EBITDA and PATMI have lagged revenue growth even though the cost of foods and beverages as a percentage of revenue has been declining. The pressure of margins appears to stem from rising employee costs.Even on a per restaurant basis, revenue, EBITDA and operating cash flow has been declining. Furthermore, the company recently acquired a group of Italian restaurants in order to diversify its offering. The last time it tried to diversify, it didn’t end up doing too well.

Barbeque Nation Pre-IPO - Not Really a Feast

India

Barbeque Nation Hospitality Ltd. operates as a restaurant. The Company offers soups, vegetarian entrees, non-vegetarian starters, main courses, dessert, and buffet services. Barbeque Nation Hospitality serves customers throughout India. 

Barbeque Nation Hospitality (BARBEQUE IN)

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Barbeque Nation Pre-IPO - Not Really a Feast

Barbeque nation (BN) aims to raise around US$150m in its India IPO. It owns and operates casual dining restaurants under the same name, Barbeque...

Sumeet Singh