The IPO of Devyani International, the largest Pizza Hut, KFC and Costa Coffee franchisee in India, was subscribed a whopping 116.71 times as of Friday’s closing date.
The initial public offering of Rs 1,838 crore received offers for 13,13,77,91,700 shares against 11.25,69,719 shares on offer, according to an update from the NSE.
The category of qualified institutional buyers (QIB) was drawn 95.27 times, by non-institutional investors 213.06 times and by private private investors 39.51 times.
The initial public offering (IPO) included a new issue of up to Rs 440 billion and an offer to sell up to 15,53,33,330 shares. The company’s IPO was in a price range of Rs 86-90 per share.
Devyani International said Wednesday it had mobilized Rs.825 billion from anchor investors.
The three-day initial sale of the shares was opened for subscription on Wednesday and was fully subscribed on the first day.
The proceeds from the new issue will be used to repay debt and for general corporate purposes.
Devyani International is an associate of RJ Corp, the largest bottling partner of food and beverage manufacturer PepsiCo, and has interests in the Indian F&B retail sector.
The company is the largest franchisee of Yum Brands and, in addition to its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar, operates core brands such as Pizza Hut, KFC, Costa Coffee. It currently operates 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee (as of March 2021) in India.
Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors were the managers of the offering.
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