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Barbeque Nation plans to open 20 new stores in the middle of a pandemic

Tuesday, May 25, 2021, 15:00 Hrs  [IST]

According to the Business Insider, Barbeque Nation is among the slew of companies that went public during the initial public offering (IPO) gold rush of 2021. And after its first earnings announcement since the launch of its IPO in April, the stock price has jumped more than 20%,today. Despite the uncertainty caused by the pandemic and the management’s own admission that business has taken a hit during the second wave of COVID-19 in India, the restaurant franchise has plans to open up 20 new outlets pan-India. When Barbeque Nation launched its IPO on March 24, the company allocated INR 55 crore out of its INR 180 crore issue of fresh shares towards expansion. According to the management, the short term outlook is challenging but, at the same time, vendor deals are softening. “Given that the restaurant industry in particular has suffered a lot, many landlords are also reasonable in their expectations, which help us look at these markets [metros],” said Rahul Agrawal, the chief executive officer (CEO) of Barbeque Nation during the earnings call on May 24. He is hoping that cases will come down by June-end, states will start coming out of their respective lockdowns and give the company permission to open their dining business.

 
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