In perhaps the first instance of a Bengaluru-based pub going public, Pecos Hotels And Pubs Private Limited — which runs a chain of four pubs in the city — will seek to raise nearly Rs. 2.30 crore through an IPO (Initial Public Offering) at the Bombay Stock Exchange.
The company will be raising the funds by offering nearly 4.59 lakh shares starting July 23, for a price of Rs. 50 (of which face value is Rs. 10).
Established in 1989 at Rest house Road, the chain has since seen watering holes being set up in three other places: Brigade Road, Church Street and Indiranagar. Apart from upgrading existing pubs, the founder Collin Timms said the proceeds of the issue will be used to setting up a new pub at Koramangala.
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“We’ve been around for a long time, and we believe modernisation and expansion is on the cards. Some of our places are more than two decades old,” Mr. Timms told
As of January 31, 2015, the pub was worth a little more than Rs. 1 crore, with sales expected to touch nearly Rs. 3 crore by the end of the financial year.