Top investor Rakesh Jhunjhunwala's co-founded fund Alchemy Capital Management, is likely to have invested Rs 80-90 crore in CX Partners-backed casual dining restaurant chain Barbeque Nation Hospitality Ltd before the IPO placement, Mint reported.

Barbeque Nation restaurant chain filed for its draft IPO (initial public offering) papers with the Securities and Exchange Board of India (Sebi) in August 2017, expecting to raise Rs 700 crore through the offer. The IPO was approved by Sebi in January.

The pre-IPO placement valued the company at Rs 2,300-2,400 crore, the report said citing two people aware of the development. The capital will be used to build new restaurants and for repayment of debt, the source had added.

The restaurant chain is promoted by entities such as Sayaji Hotels, Sayaji Housekeeping Services Ltd and members of the Dhanani family.