Speciality Restaurants Lists at 153 on BSE

Mumbai: Speciality Restaurants today listed on the BSE at 153, a premium of over two per cent over its issue price of 150. Within minutes of listing, the scrip gathered momentum and touched an early high of 160.65, up 7.1 per cent from its issue price on the BSE. Similar movement was witnessed on the National Stock Exchange, where the stock opened at Rs 152, then surged to its day's high of 159.60, up 6.4 per cent. The uptrend was significant as the broader market was trading in the negative territory. The BSE 30-share benchmark index Sensex was trading at 16,350.82, down by 87.76 points, over its previous closing. Speciality Restaurants' IPO was oversubscribed 2.54 times. The IPO proceeds would be mainly used for opening up new restaurants, repayment of term loan and general corporate purposes. Kotak Mahindra Capital Company was the book running lead manager to the issue. Speciality Restaurants has 82 eateries under 10 brands, including Mainland China, Oh! Calcutta, Sigree, Flame & Grill, Machaan Sweet Bengal and Just Biryani.