Speciality Restaurants IPO subscribed 2.54 times

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SPECIALITY RESTAURANTS LIMITED

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	4108795	19237280	4.68
1(a)	Foreign Institutional Investors (FIIs)		4343560
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		1290320
1(c)	Mutual Funds		12313080
1(d)	Others		1290320
2	Non Institutional Investors	1760912	3863000	2.19
2(a)	Corporates		2717720
2(b)	Individuals (Other than RIIs)		1145280
2(c)	Others		0
3	Retail Individual Investors (RIIs)	4108796	2279280	0.55
3(a)	Cut Off		1998480
3(b)	Price Bids		280800
	Total	9978503	25379560	2.54

Speciality Restaurants initial public offering finally sailed through on Friday, the final day of issue subscription, its investors likely tempted by Mainland China, Oh! Calcutta and the other fine dining brands that the company operates. It had not been a good run for IPOs off-late due to the overall market volatility. Samvardhana Motherson Finance and Plastene India tested the IPO waters but sank with no lifeline from investors. Speciality Restaurants has managed to buck the trend. The issue has subscribed 2.49 times on final day, as per data available on NSE website. Maximum bids for the issue were seen in the range of Rs 146-150 a share as against price band of Rs 146-155. The issue received bids for more than 2.48 crore equity shares as against issue size of 99.78 lakh shares (excluding anchor book). Speciality Restaurants had offered 1.17 lakh shares via issue and aims to raise Rs 182 crore at higher end of the price band. It received commitment of Rs 26.41 crore from five anchor investors, which are Morgan Stanley Mutual Fund, International Opportunities Funds-India Equity, SBI Magnum Global Fund, Reliance Equity Opportunities Fund and HSBC India Alpha (Mauritius). The company, run by Anjan Chatterjee and Suchhanda Chatterjee, currently runs 69 restaurants and 13 confectionary stores across 22 cities in India. Mainland China, its biggest brand, accounts for 60.3% of its revenues, followed by Oh! Calcutta at 12.3%. Anjan Chatterjee, who is also the MD, says the focus will remain on expanding Mainland China. The plan is to scale Mainland China to 100 restaurants by 2016. It also plans to expand Sigree to a formidable Indian fine dining brand over next few years. The company also operates brands like Fire & Grill, Haka, Just Biryani, Kibbeh, Machaan and confectionary stores Sweet Bengal across India. Speciality Restaurants is also setting up food courts in Kolkata and Pune, which will house most of its brands under one roof. It also plans to start all-day Italian cafes, which will essentially be bar cum eatries, under the brand Mizuna.