Restaurant chain operator Speciality Restaurants' initial public offering (IPO) opens for bidding tomorrow, 16 May 2012. The IPO closes on 18 May 2012. With 1.17 crore shares on offer, the issue is likely to garner Rs 171 crore at the lower end and Rs 181 crore at the upper end of the price band.

The company plans to use the proceeds of IPO for the development of new restaurants, development of a food plaza in Kolkata and partial repayment of debt.

Speciality Restaurants is the owner of restaurant brands like Mainland China, Flame & Grill, Machaan, Oh! Calcutta, Sigree and Haka.