NEW DELHI: Barbeque Nation IPO attracted 14 per cent bids for its initial public offer (IPO) within the first 40 minutes of the bidding process on Wednesday, thanks to strong retail participation.
By 10:40 am, the Rs 453 crore IPO had received bids for 12,52,350 shares, which was 14 per cent of the total issue size of 90,57,470 shares. The retail quota was subscribed 1.49 times. The portions reserved for NIIs and employees were subscribed 2 per cent each, while the QIB quota was yet to receive any bid.
The company had on Tuesday raised Rs 202 crore from 15 anchor investors.
On the block are up to Rs 180 crore fresh shares and an offer for sale of up to 54,57,470 shares. Up to Rs 2 crore worth shares are reserved for eligible employees.
7 stocks that analysts believe can deliver good returns in the near term
Money-making ideas
Amid the heightened volatility in the market due to rising risks of bond yields and surge in Covid-19 cases, focus will remain on stock-specific action. Here are a few stocks that analysts believe can make good money for investors in the next few weeks:
Sequent Scientific | BUY | Target Price: Rs 270
The stock witnessed a sharp upside bounce on Tuesday and closed higher. This pattern indicates an attempt of upside breakout after a down trend. The 10-week EMA is continuously offering support for the stock price. The recent upside bounce has occurred from near this support around Rs 225. Traders can buy Sequent Scientific at Rs 244.25, add more on dips down to Rs 235, wait for the upside target of Rs 270 in the next 3-4 weeks. Place a stop loss at Rs 228.
(Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities)
Berger Paints | BUY | Target Price: Rs 825
The paint stock has been moving in a larger consolidation pattern over the last few months, as per weekly time frame chart. The medium term uptrend is intact and we observe a larger degree of higher tops and bottoms. The 14-week RSI shows positive indications. Traders may consider buying Berger Paints at Rs 745.95, add more on dips down to Rs 715 and wait for the upside target of Rs 825 in the next 3-4 weeks. Place a stop loss at Rs 695.
(Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities)
Symphony | BUY | Target Price: Rs 1,650
On the charts, the pattern of a classic higher highs and higher lows is intact. The moving averages on the daily time frame are sloped higher and this denote a strong uptrend. On the weekly time frame, the nearest resistance is around Rs 1,550, giving us a good reward to risk on the trade. Traders may buy Symphony at current levels for a rally towards Rs 1,550 and above that to Rs 1,650 over the next 6-8 weeks. Keep a stop loss below Rs 1,120.
(Analyst: Manish Shah, Trader, Researcher and Trading Coach, Niftytriggers.com)
GE Shipping | BUY | Target Price: Rs 430
On the weekly charts, the stock is showing major signs of reversal which could mean a long term reversal in trend that could last for several months. On the daily time frame, we see prices in a range of Rs 340-300. This is a short term pause within an ongoing uptrend. The longer term moving averages show a rising trend on the daily time frame. Buy GE Shipping for a rally towards Rs 375 and above that to Rs 430 over the next 6-8 weeks. Keep a stop loss below Rs 290.
(Analyst: Manish Shah, Trader, Researcher and Trading Coach, Niftytriggers.com)
Analysts said that the demanding valuation looks cheap at 1.4 times FY23 EV/sales, but the stock at 46 times FY23 EPS offers limited upside. Uncertainty over the second Covid wave, its impact on the predominantly dine-in restaurant chains, losses at PAT levels and the fact that the company just a couple of months ago raised funds in a pre-IPO allotment at half the IPO price band have made analysts go wary of the IPO. Analysts said investors can give this IPO a miss.
Barbeque Nation Hospitality owns and operates casual dining restaurant chains Barbeque Nation Restaurants and International Barbeque Nation Restaurants. It also owns and operates Toscano Restaurants and You & Barbeque.
The company operated 164 restaurants as of December 31, out of which, 147 were Barbeque Nation Restaurants spread across 77 cities in India.
