The word pub comes from “Public House”. This particular one has taken the meaning to another level.
What possibly is the first of its kind instance, the popular Peco’s chain of bars in Bangalore is going public.
Peco’s hotels and Pubs Private limited, the group that owns the Peco’s and Mojo’s chain of restobars is all slated to release an IPO (Initial Public Offering) on July 23rd, reported The Hindu.
The company will seek to raise about Rs. 2.30 crore from the IPO at the Bombay Stock Exchange. It will issue an initial set of around 4.5 lac shares (roughly half a million) at Rs.50 per share whose face value stands at Rs. 10 per share.
Established in 1989 on Rest House road Brigade road, Peco’s has long been considered a heritage pub and part of many ‘must do’ lists in Bangalore, a city well known for its pub culture. Its reasonably priced menu and a quaint classic rock decor ensure a packed house at any given time. Recently the pub opened branches in Church Street and Indiranagar. However, there have been reports of a slowing growth and drop in the quality of service of late.
Through the deal, the company aims to raise funds for the establishment of a new branch in Koramangla apart from upkeep and upgradation of the existing 3 units, founder Collin Tims informed the Hindu.
“We have been around a long time and we believe that modernisation and expansion is on the cards.” He believes that the brand could also look at expansion beyond Bangalore.
As of January 31st 2015, the pub was worth a little over a crore with sales expected to touch 3 crores by the end of the financial year.