Grill Splendour Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Apr 2024 – 18 Apr 2024
- Listing date
- 23 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹120 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹16.47 Cr
- Market cap at offer price
- ₹62.50 Cr
- Promoter holding
- 49.75% → 36.64% pre-issue → post-issue
- ISIN
- INE0PC901019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- J1, Shram Siddhi Vinayak Premises Co-Op Soc Ltd C1, 1st Floor, Plot-8, Wadala Truck Terminal Road, Antop Hill, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 69,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹120
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,44,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (min) | 7 | 8,400 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.19 | 1.78 |
| P/E (×) | 23.12 | 67.42 |
| Price to book (×) | 9.30 | — |
| Market cap | — | ₹62.50 Cr |
Key performance indicators
- Return on net worth
- 12.46%
- Debt / equity
- 1.50
- PAT margin
- 6.96%
- NAV per share
- ₹12.91
- Price to book
- 9.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Grill Splendour Services
Grill Splendour Services Limited ('GSSL') was incorporated on November 29, 2019 as Grill Splendour Services Private Limited and converted into a public limited company in September 2023. It was set up as a hospitality company to acquire the bakery and confectionery business along with the Birdy's Bakery & Patisserie brand — originally established as 'Birdy's by Taj' — from WAH Restaurants Private Limited via a Business Transfer and Intellectual Property Assignment Agreement dated December 27, 2019. The company now runs 17 Birdy's retail stores across Mumbai (12 company-owned and 5 franchisee-owned but company-operated), backed by a centralized production facility at Wadala, and earns money by selling cakes & pastries, ready-to-eat savouries, hot/cold beverages and desserts through stores, delivery aggregators (Swiggy, Zomato) and B2B supply to clients such as Barista, Trent House Bandra, Café Coffee Day, IBIS Hotels, Compass India, Wagh Bakri and MARS Restaurants, besides festive hampers, corporate gifting and snack boxes. In the current fiscal it has also taken sub-licences for five restaurant brands (Pizzeria, Roti, China Joe, Just Around the Corner, Not Just Jazz by The Bay) against refundable licensing deposits. Restated total revenue grew from ₹825.22 lakhs in Fiscal 2021 to ₹1,531.62 lakhs in Fiscal 2023 (PAT ₹199.10 lakhs), with B2C sales of ₹1,032.81 lakhs and B2B sales of ₹496.54 lakhs in Fiscal 2023.
Company Analysis
from RHPGrill Splendour Services Limited operates the Birdy's chain of gourmet bakery and patisserie retail stores across Mumbai, selling cakes, pastries, savouries, beverages and desserts to walk-in/dine-in customers, online delivery platforms (Swiggy, Zomato) and corporate B2B clients.
Grill Splendour Services Limited ('GSSL') was incorporated on November 29, 2019 as Grill Splendour Services Private Limited and converted into a public limited company in September 2023. It was set up as a hospitality company to acquire the bakery and confectionery business along with the Birdy's Bakery & Patisserie brand — originally established as 'Birdy's by Taj' — from WAH Restaurants Private Limited via a Business Transfer and Intellectual Property Assignment Agreement dated December 27, 2019. The company now runs 17 Birdy's retail stores across Mumbai (12 company-owned and 5 franchisee-owned but company-operated), backed by a centralized production facility at Wadala, and earns money by selling cakes & pastries, ready-to-eat savouries, hot/cold beverages and desserts through stores, delivery aggregators (Swiggy, Zomato) and B2B supply to clients such as Barista, Trent House Bandra, Café Coffee Day, IBIS Hotels, Compass India, Wagh Bakri and MARS Restaurants, besides festive hampers, corporate gifting and snack boxes. In the current fiscal it has also taken sub-licences for five restaurant brands (Pizzeria, Roti, China Joe, Just Around the Corner, Not Just Jazz by The Bay) against refundable licensing deposits. Restated total revenue grew from ₹825.22 lakhs in Fiscal 2021 to ₹1,531.62 lakhs in Fiscal 2023 (PAT ₹199.10 lakhs), with B2C sales of ₹1,032.81 lakhs and B2B sales of ₹496.54 lakhs in Fiscal 2023.
Objects of the Issue
- Funding additional working capital requirements ₹100.00 lakhs p.57
- Pre-payment/Repayment, in full or part, of certain outstanding borrowings availed by our Company (loan from Blue River Finvest Private Limited) ₹1,115.00 lakhs p.59
- General Corporate Purposes ₹395.00 lakhs p.60
- Offer Expenses ₹37.36 lakhs p.60
Issue Structure
- Total Issue
- 13,72,800 Equity Shares at the Offer Price of ₹ 120 each aggregating ₹ 1,647.36 Lakhs
- Fresh Issue
- 13,72,800 Equity Shares at the Offer Price of ₹ 120 each aggregating ₹ 1,647.36 Lakhs (including Market Maker Reservation Portion of 69,600 Equity Shares aggregating ₹ 83.52 Lakhs)
- Offer for Sale
- N.A.
- Price Band
- Fixed Price Offer at ₹ 120 per Equity Share (no price band)
- Face Value
- ₹ 10.00 each
Business Model
Revenue comes from sale of bakery and food products made at a centralized Wadala production facility and sold through 17 Birdy's stores across Mumbai (12 company-owned, 5 franchisee-owned but company-operated), through online aggregator platforms Swiggy and Zomato, and through B2B/institutional supply (snack boxes, board meeting snacks, gifting, hampers, staff cakes) to corporate clients; the company pays revenue-share/licence fees on franchised and licensed premises and holds sub-licences for five additional restaurant brands.
Business Segments
SWOT Analysis
- • Legacy brand with strong recognition (Birdy's originated as 'Birdy's by Taj')(p.79)
- • Wide retail footprint of 17 stores across Mumbai/Thane backed by a centralized production facility(p.79)
- • Experienced promoters with deep hospitality expertise(p.80)
- • Strong, repeat-generating B2B customer relationships(p.80)
- • Registered trademark protection for the Birdy's brand(p.89)
- • Rising customer concentration — top 10 customers now ~25% of revenue with no long-term contracts(p.18)
- • Dependence on a limited number of vendors for raw material purchases(p.20)
- • Heavy reliance on promoters/key managerial personnel(p.19)
- • Complete geographic concentration of business in Mumbai(p.21)
- • High working-capital intensity of the B2B business(p.19)
- • Negative cash flow from operating activities in the recent period(p.22)
- • High indebtedness with restrictive financing covenants(p.22)
- • Large pool of unsecured loans recallable on demand(p.25)
- • Indian food services market expected to nearly double by 2028(p.75)
- • QSR chain segment is the fastest-growing sub-segment of food services(p.75)
- • Dual business model (low-capex takeaway plus experiential café) enabling scale(p.80)
- • Multi-brand expansion through scalable sub-licensed casual-dining brands using a cluster approach(p.81)
- • Opening new stores in currently uncovered locations leveraging the Birdy's brand(p.81)
- • Growing institutional/B2B corporate supply channel(p.81)
- • Expansion into tier 2 and 3 cities via company-owned and franchised stores(p.89)
- • Intense competition, including larger rivals with greater resources(p.20)
- • Growing negotiating leverage and fee demands of third-party delivery aggregators(p.19)
- • Seasonality of revenue concentrated in the September–December festive quarter(p.21)
- • Requirement to obtain and renew licences/permits; failure could halt operations(p.20)
- • Downturn in the Indian macroeconomic environment(p.27)
- • Possible recurrence of COVID-19 or other pandemics(p.26)
- • Changing laws, regulations and tax uncertainties(p.27)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Srinidhi V Rao | Promoter | 24.88% | 18.32% |
| Vandana Srinidhi Rao | Promoter | 24.87% | 18.32% |
| Vivek Vijaykumar Sood | Promoter | Negligible | Negligible |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.