Fine dining restaurant chain operator Speciality Restaurants (SPL) has managed to get over subscribed by 2.54x, indicating that the investor fraternity has given it a fair response.
In the aftermath of the failure of the Samvardhana Motherson IPO and Plastene India IPO, fine dining restaurant chain operator Speciality Restaurants (SPL) has managed to get over subscribed by 2.54x, indicating that the investor fraternity has given it a fair response.
As per data on the NSE, while the retail portion got subscribed by only 0.55x indicating poor response, the QIB portion received an overwhelming response as it got subscribed by a good 4.68x. The HNI portion of the offer was oversubscribed by 2.19x too.
Now this suggest that SPL would finally by able to raise the required Rs 170-182 crore to meet its requirements for the development of new restaurants, a new food plaza and repaying part of its term loan facilities.
The success of this issue will come as a big relief to the primary market participants, after the previous two offerings of Samvardhana Motherson Finance and Plastene India were withdrawn due to poor investor response. Even Speciality Restaurants’ IPO seemed to go the Samvardhana and Plastene India way as it had received only two per cent subscription till the penultimate day as weak market conditions had cast doubts on its success.