The company had filed its draft papers with Sebi in August last year and obtained "observations" from the regulator on January 5, 2018, the latest update with markets watchdog showed.
Securities and Exchange Board of India's (Sebi) 'observations' are very important for any company to launch public offer.
Barbeque-Nation Hospitality's IPO comprises fresh issue of shares worth Rs 2 billion and an offer for sale of up to 6,179,000 equity shares, according to the draft red herring prospectus (DRHP).
The offer includes a reservation of up to 1.5 lakh equity shares for the company's employees.
Proceeds from the issue will be utilised towards setting-up of new Barbeque Nation restaurants in India, repayment of loans, and general corporate purposes.
According to merchant banking sources, the company is expected to raise Rs 7 billion through the IPO.
Earlier, the regulator had kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations".
IIFL Holdings, Edelweiss Financial Services, Jefferies India and SBI Capital Markets are the book running lead managers to the issue.