Barbeque Nation had a very tasteless listing today on the bourses – it got listed on the BSE at Rs.492 and Rs.489.85 on the NSE v/s IPO price of Rs.500.
Clearly the anxiety over the rising infections in the country and then the curfews in various states played on the minds of the traders.
The IPO was subscribed 5.98 times with QIBs portion getting subscribed 5.11 times, HNIs by 3.10 times and retail investors by 13.13 times.
In our New Issue Analysis, we had stated, “Weak corporate governance, promoter level debt, negative PAT pre-covid and in near future make the issue weak. Hence, we recommend an ‘avoid’ on the IPO.”