The initial public offering (IPO) of restaurant chain operator Speciality Restaurants was subscribed 2.54 times. The IPO got bids for 2.53 crore shares. The company had set IPO price band of Rs 146 to Rs 155 per share. The IPO had remained open for bidding between 16 and 18 May 2012.

The qualified institutional buyers (QIB) portion was subscribed 4.68 times. The non-institutional investors category was subscribed 2.19 times. The retail individual investors (RII) category got a muted response. This category was subscribed 0.55 times.

On 15 May 2012, Speciality Restaurant raised Rs 26.41 crore by issuing 17.60 lakh shares at Rs 150 per share to five anchor investors.

The major portion of proceeds of the IPO (around Rs 131.60 crore) is proposed to be utilized for opening of 45 new restaurants over the next three years. Of this, Rs 92.27 crore is planned to be spent towards interior and equipment costs. In addition, Rs 15.1 crore is proposed to be utilised for the development of food plaza in Rajarhat, kolkata, West Bengal.

Speciality Restaurants is the owner of restaurant brands like Mainland China, Flame & Grill, Machaan, Oh! Calcutta, Sigree and Haka.

For the nine months ended December 2011, revenues stood at Rs 149.70 crore with OPM of 20.9%. PAT was Rs 15.02 crore for the same period.