Barbeque Nation Hospitality IPO: The IPO was subscribed 1.98 times on second day of the issueBarbeque Nation Hospitality’s initial public offer (IPO) was subscribed 1.98 times on the second day of the issue, according to subscription data on the exchanges. The restaurant chain’s IPO was oversubscribed on the first day of the issue yesterday – March 24. The portion reserved for retail investors (RIIs) was subscribed 9.66 times on Thursday, March 25 by 5:00 pm. The portion reserved for non-institutional investors (NIIs) was subscribed 0.10 times, while the portion reserved for qualified institutional buyers (QIBs) was subscribed 0.37 times. (Also Read: Barbeque Nation Hospitality IPO Oversubscribed On First Day )Barbeque Nation Hospitality has fixed the price band of the public offer at Rs 498 – Rs 500 per share. According to data on stock exchanges, the company’s IPO market lot size is 30 shares. A retail-individual investor could apply for up to 13 lots, specifically 390 shares or Rs 195,000. The data showed that Barbeque Nation Hospitality received a total of 66.46 lakh bids for 49.99 lakh shares on the public offer. At the cut-off price, a total of 42.87 lakh bids were received.Barbeque Nation Hospitality was incorporated in 2006 and now operates as the fastest-growing restaurant brand in the country. Offering a diversified range of meals for both vegetarian and non-vegetarians, it is one of the leading casual dining restaurant chains in the country. Through the initial public offer, the company intends to utilise the proceeds to open new restaurants, repay outstanding borrowings as well as for general corporate purposes.Securities firm Angel Broking has given a ‘neutral’ rating to Barbeque Nation IPO. ”While the company has posted revenue growth of 20 per cent CAGR between FY18-FY20 it has been continuously incurring losses at PAT level despite topline growth. The COVID-19 pandemic too has had an adverse impact on the operations of the company hence we expect profits will remain under pressure over the medium term.””At the higher end of the price band the company is asking for a valuation of 2.4x FY20 EV/Sales which we believe is expensive given the current environment,” said Angel Broking in a note.