Barbeque Nation Hospitality has fixed the price band of the offer at Rs 498 – Rs 500 per shareBarbeque Nation Hospitality’s initial public offering (IPO) will open for subscription today i.e. March 24. The issue of the casual dining restaurant chain operator will close on March 26. The shares are likely to be listed on the BSE as well as National Stock Exchange.Barbeque Nation Hospitality has fixed the price band of the offer at Rs 498 – Rs 500 per share. It aims to raise Rs 452.87 crore at the higher end of the price band.The IPO will comprises a fresh issue of Rs 180 crore and an offer for sale of up to 54,57,470 equity shares by existing selling shareholders. Investors can bid for a minimum one lot of 30 equity shares and in multiples of 30 thereafter, up to 13 lots.A total of 75 per cent of the issue is reserved for qualified institutional buyers, 10 per cent for retail investors and the remaining 15 per cent for non-institutional investors. The company has reserved Rs 2 crore worth shares for its employees.The company will utilise the IPO proceeds to open new restaurants, repay outstanding borrowings and for general corporate purposes.Barbeque-Nation Hospitality was incorporated in 2006 and the first Barbeque Nation restaurant was established in 2008.IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets are the book running lead managers to the public issue.