IPO News - Speciality Restaurants IPO will open on May 16

Speciality Restaurants has earned a strong position for itself in the gourmet world in last 16 years. It has established several famous brands such as Mainland China, Oh! Calcutta, Sigree, Haka, Machaan, Mostly Kababs, Just Biryani and Sweet Bengal. Now Speciality Restaurants is coming up with an Initial Public Offering (IPO) for it's lovers.

Company runs 62 Food & Beverage outlets in various cities of India. As per their website (http://www.speciality.co.in), Mainland China serves more than 2 lakhs Chinese meals per month. Mainland China and Oh! Calcutta have won major awards on various occasions for being India’s best restaurants in their respective categories. Company employs about 3000 people.

Company is launching its IPO issue of 1,17,39,415 equity shares of face value Rs 10 each on May 16, 2012. This issue will constitute 25% of the post-issue paid-up capital.

Speciality Restaurants is planning to use funds gathered thru IPO for development of new corporate restaurants (with an outlay of Rs 144.685 crore); development of a food plaza (with cost of Rs 15.1 crore); and repayment of a term loan facility (with Rs 10.433 crore). As per DRHP filed with SEBI, company plans to open 48 new corporate restaurants.

Promoters of Speciality Restaurants are Anjan Chatterjee and Suchhanda Chatterjee. They will reduce their shareholding in company to 60.69% post IPO issue. IPO will close on May 18.

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