Allied Blenders and Distillers Receive SEBI Nod for Rs 1500 cr IPO

Mumbai-based Travel Food Services (TFS), operating a travel quick service restaurant and a lounge business across airports in India and Malaysia, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Rs 2,000 crore Initial Public Offering (IPO).

The IPO with a face value of Re 1 is entirely an offer for sale of up to Rs 2,000 crore by Kapur Family Trust. The offer includes reservations for subscriptions by eligible employees.

Compared to its listed industry peers like Jubilant FoodWorks, Devyani International, Sapphire Foods India, Westlife Foodworld, and Restaurant Brands Asia, Travel Food Service achieved the highest earnings per share (EPS) in fiscal 2024.

Revenue from operations increased by 30.85% to Rs 1,396.32 crore in fiscal 2024 from Rs 1,067.15 crore in fiscal 2023, attributable to an increase in its LFL Sales and Net Contract. Profit after tax increased by 18.59% to Rs 298.02 crore in fiscal 2024 from Rs 251.30 crore in fiscal 2023.

For the three months ended June 30, 2024, revenue from operations stood at Rs 409.86 crore, and profit after tax stood at Rs 59.55 crore.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is allocated to non-institutional and retail individual investors respectively.

Travel Food Services launched its first travel quick-service restaurant (QSR) outlet in 2009. It is promoted by SSP Group plc (“SSP”) and its affiliates—SSP Group Holdings Limited, SSP Financing Limited, SSP Asia Pacific Holdings Limited—along with the Kapur Family Trust, Varun Kapur, and Karan Kapur. 

SSP, an FTSE 250 company listed on the London Stock Exchange, is recognized as a global leader in the Travel Food & Beverage (F&B) sector based on revenue in 2024, as per the CRISIL Report. The Kapur Family Trust operates under the flagship brand K Hospitality, which oversees and invests in several hospitality and food service businesses, including Travel Food Services (collectively referred to as “K Hospitality”).

Headquartered in Mumbai, the company leads the rapidly expanding Indian airport Travel QSR and Lounge sectors, holding the top position in terms of revenue for Fiscal 2024, according to the CRISIL Report. Its Travel QSR portfolio features a diverse selection of food and beverage (F&B) concepts tailored for travelers, including fast food, cafes, bakeries, food courts, and bars, primarily located in airports and some highway locations to cater to the needs of fast-moving customers.

In Fiscal 2024, the company commanded a 24% revenue market share (including its Associates and Joint Ventures) in the Indian airport Travel QSR sector, as highlighted by the CRISIL Report. It also managed the largest network of private airport Lounges in India as of March 31, 2024, operating 24 Lounges across eight airports and capturing a 45% revenue market share in the airport Lounge sector during the same period. From 2009 until June 30, 2024, TFS contract retention rate is at 92%.

The company’s presence spans 14 airports in India, including major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai, as well as three airports in Malaysia, as of June 30, 2024.

With a robust portfolio of 117 partner and in-house brands, the company operates 397 Travel QSR outlets across India and Malaysia, as of June 30, 2024. Its QSR outlets are predominantly located within airports, with select locations along highways. It also operated 31 Lounges in India and Malaysia as of the same date and expanded internationally by opening a new Lounge in Hong Kong in July 2024.

As of June 30, 2024, Travel Food Services boasts a diverse portfolio of partner brands, comprising both international and regional Indian brands, alongside its own in-house brands. The international brands include renowned names such as KFC, Pizza Hut, Wagamama, Coffee Bean & Tea Leaf, Jamie Oliver’s Pizzeria, Brioche Doree, Subway, and Krispy Kreme. The regional Indian brands in its network feature popular chains like Third Wave Coffee, Hatti Kaapi, Sangeetha, Bikanervala, Wow Momo, The Irish House, JOSHH, Adyar Ananda Bhavan, and Bombay Brasserie. Additionally, Travel Food Services has developed its own in-house brands, including Caféccino, Dilli Streat, idli.com, and Curry Kitchen.

Travel Food Services boasts the largest network of Travel QSR outlets and airport-based QSRs in India, with 313 of its 340 operational outlets located at airports and the remainder on highways, as of March 31, 2024, according to the CRISIL Report.

The Indian airport Travel QSR and Lounge sectors are projected to experience significant growth, driven by increasing traveler dwell times, the rise of low-cost carriers, and the expansion of credit card and loyalty programs. As per the CRISIL Report, the Indian airport Travel QSR market is expected to grow at a compound annual growth rate (CAGR) of 17%-19%, while the Lounge sector is forecasted to grow at a CAGR of 21%-23% between Fiscal 2024 and 2034.

Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, and Batlivala & Karani Securities India Private Limited are the book-running lead managers and Link Intime India Private Limited is the registrar to the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
 

Shares of Zomato rose by up to 6 percent in early trade on November 25, driven by its inclusion in the 30-stock BSE Sensex and shareholder approval for a Rs 8,500 crore Qualified Institutional Placement (QIP). By 9:20 AM, Zomato's shares were trading at Rs 279.16 on the NSE.  

With this inclusion, Zomato becomes the first new-age technology company to join the Sensex, replacing JSW Steel in the index from December 23. This development aligns with Zomato's strong performance this year, with its shares rallying over 113 percent. Asia Index Private, a wholly-owned subsidiary of BSE, announced the reconstitution of key indices, including the BSE 100 and BSE Sensex 50.  

In addition to the Sensex inclusion, Zomato's shareholders approved the company's QIP to raise Rs 8,500 crore. This comes after the company's board cleared the fundraise last month to strengthen its balance sheet. The need for additional funds is evident as Zomato reported a reduction in its cash reserves by Rs 1,726 crore during the September quarter, attributed primarily to the Rs 2,014 crore acquisition of Paytm’s entertainment ticketing business. The company’s cash balance now stands at approximately Rs 10,800 crore, down from Rs 14,400 crore, reflecting its investments in quick commerce and other acquisitions.  

Zomato emphasized its commitment to maintaining service quality while addressing the challenges of a competitive market. The company aims to sustain margins in its core business and achieve adjusted EBITDA break-even for its quick commerce segment. It also stated there are no plans for further minority investments or acquisitions at this time.  

Analysts have expressed optimism regarding Zomato's growth trajectory. Akriti Mehrotra, Research Analyst at StoxBox, highlighted the company's cost management and efficiency, noting that the Blinkit acquisition has significantly strengthened its quick commerce business. "Blinkit has reached its breakeven point, contributing to the overall profitability and stability of Zomato's operations," she said.  

Viral Bhatt, Founder of Money Mantra, also acknowledged Zomato's strong brand position and diversified business model as key factors offering growth potential in the evolving food delivery and quick commerce sectors.  

These developments mark a significant step forward for Zomato in India's competitive retail and technology sectors.  

Swiggy’s initial public offering (IPO) saw a 12 percent subscription rate on its opening day, with a significant portion of the bids coming from individual investors, while qualified institutional buyers (QIBs) contributed minimally. High net worth individuals (HNIs) subscribed to 6 percent of their designated portion, retail investors contributed 54 percent, and employees subscribed 74 percent. Notably, the retail investor quota for this IPO is set at 10 percent, much lower than the usual 35 percent, while 75 percent of shares are reserved for QIBs. For the IPO to fully succeed, QIBs will need to reach full subscription.

Swiggy has already allocated shares worth Rs 5,085 crore to anchor investors from the QIB quota, leaving it in need of around Rs 3,400 crore in additional bids from institutional investors, who are typically active toward the close of the IPO period.

Swiggy’s Rs 11,327-crore IPO ranks as India’s sixth-largest in the domestic market and the second-largest this year, following Hyundai. The IPO involves a fresh capital raise of Rs 4,499 crore, which Swiggy plans to use to expand its dark store network, invest in technology and cloud infrastructure, enhance brand marketing, and support growth initiatives. Additionally, the IPO includes a secondary share sale worth Rs 6,828 crore by 10 investors, including Tencent, Accel India, and Apoletto Asia.

The price range for Swiggy’s IPO is set at Rs 371-390 per share, valuing the company at Rs 87,300 crore at the upper limit.

Swiggy, one of India’s prominent food delivery and quick commerce platforms, has released its red herring prospectus, confirming the dates for its much-anticipated IPO. Scheduled to open on November 6 and close on November 8, the IPO includes a fresh issue worth Rs 4,499 crore, along with an offer for sale of 17.5 crore shares, as reported in the media.

The fresh issue size for Swiggy’s IPO has been revised to Rs 4,499 crore, an increase from the previously proposed Rs 3,750 crore, yet still within the board-approved limit of Rs 5,000 crore. The offer-for-sale component has been adjusted to 17.5 crore shares, reduced by 1 crore from the earlier proposal of 18.5 crore shares. Expected to be priced between Rs 371 and Rs 390 per share, Swiggy aims to raise approximately Rs 11,327.4 crore if the upper price band is achieved.

According to the filing, Swiggy's valuation at the higher end of the price range would reach Rs 87,299 crore ($10.38 billion), reflecting a minor reduction from its previous valuation target of $11.2 billion. Swiggy's latest financial report, included in the filing, shows that revenue for Q1 FY25 reached Rs 3,222.2 crore, up from Rs 2,389.8 crore year-over-year. However, the company reported a higher loss of Rs 611 crore after tax, compared to Rs 564.1 crore in the previous year.

Swiggy plans to allocate funds from the IPO towards its subsidiary, Scootsy, expand its dark store network supporting quick commerce, and enhance technology and cloud infrastructure. This IPO is set to be one of India’s largest, joining recent significant listings like that of Hyundai Motor.

Founded in 2014 and headquartered in Bangalore, Swiggy currently operates across over 580 cities, partnering with more than 200,000 restaurants throughout India.

Swiggy, a leading food delivery platform in India, has revised its IPO valuation to $11.3 billion, reflecting a 25 percent reduction from its initial target of $15 billion. This adjustment comes as market volatility and the underwhelming debut of Hyundai India affect investor sentiment, according to two sources.

The company plans to raise $1.4 billion in this IPO, which is set to be the second-largest stock offering in India this year. BlackRock and the Canada Pension Plan Investment Board (CPPIB) are among the investors participating in the offering.

Indian equity markets have faced challenges, with the benchmark Nifty 50 index declining over 8 percent from its record highs reached on September 27, marking four consecutive weeks of losses, the longest since August 2023. This downturn is attributed to ongoing foreign selling pressure.

The recent market activity was further complicated by Hyundai India's share price, which dropped 7.2 percent upon its debut, as retail investors showed a lukewarm response amid concerns over high valuations. Swiggy, supported by SoftBank and Prosus, is keen to avoid a similar lackluster reception for its IPO, especially in light of global uncertainties related to the upcoming U.S. presidential election on November 5. As a result, the company has opted to lower its valuation in consultation with investors.

A source familiar with the company's strategy noted that Swiggy aims to avoid a "bad IPO." In its last funding round led by Invesco in 2022, the company was valued at $10.7 billion. 

Competing with Zomato in India's online food delivery market, Swiggy and Zomato have both heavily invested in the burgeoning "quick-commerce" sector, which promises delivery of groceries and other products within 10 minutes. 

Despite recent market uncertainties, India's IPO landscape remains active, with approximately 270 companies raising $12.57 billion so far this year, surpassing the total of $7.4 billion raised in all of 2023.

One of the confectionery industry's fastest-growing companies, India Sweet House, has raised a substantial sum of money in its pre-IPO investment round, which was headed by Viney Equity Market LLP. For this funding round, IntelliFin Private Limited served as the only advisor. Strong investor trust in the brand's quick growth and creative take on traditional Indian snacks and sweets is shown in this investment. In order to start its first public offering (IPO), the company is currently getting ready to submit its Draft Red Herring Prospectus (DRHP) to the stock exchange.

Rather than seeking private equity or venture money, as is customary for startups, the creators of India Sweet House have decided to go the IPO route. This calculated action demonstrates their long-term goal of developing a lucrative and sustainable company while remaining dedicated to generating wealth for their franchisees, partners, and investors.

Speaking on the investment, Anant Aggarwal, Managing Partner at Viney Equity Market LLP, said, "India Sweet House is an iconic brand that resonates deeply with our vision of backing businesses that reflect the richness and diversity of India. This investment aligns with our broader goal of nurturing small and medium enterprises, enabling them to scale while preserving their authenticity and values. We are excited about the growth prospects of the brand and are proud to be part of this journey."

Shwetha Rajashekar, Vishwanath Murthy and Rajesh Mehta, Co-Founders of India Sweet House expressed their excitement about the latest funding round, “We are thrilled to welcome Viney Equity Market LLP and their team as we embark on the next phase of our growth journey. Chittorgarh Infotech Limited also participated in this round. Opting for the IPO route will enable us to operate the business more profitably and expand our reach to a broader customer base across the country. We remain dedicated to maintaining the highest standards of quality and tradition in all that we do.”

Bengaluru-based food delivery and grocery platform Swiggy on Thursday filed draft red herring prospectus (DRHP) with the markets regulator, SEBI. 

The company is planning to raise Rs 3,750 crore via fresh issue.

The IPO is a combination of fresh issue and offer-for-sale of 185,286,265 shares by existing investors. 

Many investors including Accel, Tencent, Elevation Capital, Norwest Venture are selling some of their shares.

Reports also suggests that Swiggy may take a decision to upsize the fresh issue component by another Rs 5,000 crore. Taking the total fresh issue component up to Rs 11,600 crore. The company will take this decision in an EGM expected to be held in the first week of October.

According to the DRHP the proceeds of the IPO will be used for investment in its subsidiary Scootsy, for expansion of its dark store network for its quick commerce segment, setting up dark stores, investment in technology and cloud infrastructure and funding its inorganic growth.

The company has reached a milestone of 112.7 million transacted users as of June 2024. It’s average monthly order frequency for the three months ended June 30, 2024 and 2023, and in financial years 2024, 2023 and 2022 was 4.50 times, 4.42 times, 4.48 times, 4.34 times and 4.14 times respectively.

Cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar, and actor-entrepreneur Ashish Chowdhry are among the notable investors who have acquired Swiggy shares, Economic Times reported.

Swiggy’s consolidated operating revenue for FY24 was at Rs 11,247.4 crore, which grew 36 per cent YoY. While losses have halved during the same period. Q1FY25 consolidated B2C gross order value (GOV) was at Rs 10,189.5 crore.
Net loss declined by 46 per cent to Rs 2,256 crore in FY24. Net loss for FY23 was at Rs 4,192 crore. The food delivery business reported Q1FY25 consolidated B2C GOV at Rs 10,189.58 crore.

Its food delivery services are available in 681 cities, Instamart (quick commerce) in 32 cities, Dineout in 52 cities and Genie in 69 cities.
 

Food delivery platform Swiggy has been granted approval by market regulator Securities and Exchange Board of India (SEBI) following its private submission of draft share sale documents. As per the sources, Swiggy may launch its IPO in November.

With its IPO, Bengaluru-based Swiggy is probably going to raise above $1 billion. Swiggy's IPO was approved by shareholders in April, and the company may aim to raise $15 billion.

Supported by significant investors such as Prosus, SoftBank, and Accel, and with a valuation of $9.3 billion as of August 2023, the firm filed its offer document on April 30 of this year under the confidential pre-filing process, which means that specifics are currently being withheld. Swiggy plans to raise Rs 11,000 crore through a new offering valued at Rs 5,000 crore.

Swiggy is required to make its updated draft red herring prospectus (UDRHP) available to the public for at least 21 days prior to the IPO's release. The public may give comments on the offer document during this period, following which the company may move on with its IPO.

 If everything goes according to plan, Swiggy will follow Zomato—which is currently valued at Rs 2.6 trillion and has seen its share price rise 2.3 times this year alone—as the second food delivery company to list on stock exchanges.

Swiggy Ltd., a prominent Indian food-delivery platform, is preparing to file for its domestic initial public offering (IPO) this week, according to sources familiar with the situation. The Bengaluru-based company aims to raise over $1 billion through the IPO, pending approval from India’s Securities and Exchange Board of India (SEBI).

The specifics of the offering, including its size and timing, are still being finalized and may change, the sources noted. Swiggy’s IPO would add to the robust pipeline of share sales currently taking place in India.

Founded in 2014, Swiggy collaborates with over 150,000 restaurants across India, providing extensive food delivery services. The company competes with Zomato Ltd., Amazon’s India unit, and Tata Group’s BigBasket.

Swiggy, which is backed by SoftBank Group Corp., is joining a growing list of companies looking to leverage India’s economic growth and attract global investors. This year has already seen approximately $7.8 billion raised through IPOs, surpassing the total from the previous two years.

Swiggy, a leading food and grocery delivery platform in India, is set to raise Rs 5,000 crore through a fresh issue as part of its upcoming Initial Public Offering (IPO). The decision to increase the fundraising target will be discussed at an extraordinary general meeting (EGM) scheduled for October 3, according to a formal notice sent to shareholders.

The Bengaluru-based company had initially planned to raise Rs 3,750 crore through a fresh issue, alongside an additional Rs 6,664 crore via an offer for sale. However, this revised figure of Rs 5,000 crore may be subject to change, pending final approval from shareholders. Swiggy has already made a confidential filing of its draft prospectus with the Securities and Exchange Board of India (SEBI) and received board approval for the public offering in April.

This move to raise additional funds comes as Swiggy strengthens its position in India’s competitive food delivery and quick commerce markets. Recently, Swiggy reported a 36 percent rise in operating revenue to Rs 11,247 crore for the fiscal year ending March 31, 2024. Despite this revenue growth, the company posted a net loss of Rs 2,350 crore, marking a 44 percent reduction from the previous year.

Swiggy continues to face stiff competition from Zomato in the food delivery sector and rivals such as Blinkit, Zepto, and BigBasket in the quick commerce segment, where its Instamart division plays a key role. 

In preparation for its IPO, Swiggy has seen several secondary transactions, with prominent investors acquiring stakes in the company. On August 28, Bollywood star Amitabh Bachchan’s family office bought a small stake, while Motilal Oswal Financial Services chairman Raamdeo Agrawal and Hindustan Composites have also secured shares in the business.

Swiggy’s IPO is shaping up to be one of the most highly anticipated public offerings, with the company looking to strengthen its financial foundation through the fresh issue. The final size of the IPO will depend on the outcome of shareholder discussions at the upcoming EGM.

Swiggy, a major player in India’s food delivery and quick commerce market, has reported robust financial figures as it prepares for its upcoming Initial Public Offering (IPO). The Bengaluru-based company's operating revenue grew by 36 percent to Rs 11,247 crore in FY24, according to documents shared with its investors. Despite the growth, Swiggy managed to reduce its losses by 44 percent to Rs 2,350 crore during the same period. These numbers, though not yet audited, were first reported by The Arc.

In the first three-quarters of FY24, Swiggy posted a revenue of Rs 5,476 crore, with a reported loss of Rs 1,600 crore. The company has also attracted strategic investments from Amitabh Bachchan's family offices and Hindustan Composites, positioning itself for further growth in the Indian retail and food delivery markets.

Swiggy’s core food delivery business grew by 17 percent to reach Rs 6,100 crore in FY24. Its quick commerce arm, Instamart, contributed Rs 1,100 crore in gross revenue for the same period. Despite these gains, Swiggy faces competition in the quick commerce segment, where Blinkit, owned by Zomato, holds the largest market share. According to a report from USB, Blinkit leads the market, followed by Swiggy Instamart, Zepto, and BigBasket.

In comparison, Zomato’s overall revenue for FY24 surged by 71 percent to Rs 12,114 crore. Of this, Rs 6,161 crore came from its food delivery business, while Blinkit added Rs 2,301 crore from quick commerce.

Swiggy, which became part of the Decacorn club after its last equity funding round in January 2022, filed for its IPO through a confidential route in May. The company plans to raise up to Rs 3,750 crore via a fresh issue of equity shares and an offer for sale totaling up to Rs 6,664 crore.

As the IPO approaches, Swiggy's financial performance will continue to be closely watched, especially as it competes with Zomato in both the food delivery and quick commerce sectors in India.

Swiggy, the SoftBank-backed food delivery giant, is preparing for a significant initial public offering (IPO) in India, targeting a valuation of approximately $15 billion. The company aims to raise between $1 billion and $1.2 billion through this offering, making it one of the most substantial IPOs in India this year.

Swiggy, which competes with Zomato in the online food delivery sector, has invested heavily in the quick commerce segment, where groceries and other products are delivered within 10 minutes. This sector is becoming increasingly competitive and is seen as a key growth area for the company.

In April, Swiggy received shareholder approval to proceed with the IPO, targeting up to $1.25 billion in capital. The company is awaiting approval from the Securities and Exchange Board of India (SEBI) for its confidential filing, which is expected to be cleared within a month. Upon approval, Swiggy will move forward with filing a public prospectus.

Swiggy's last funding round, led by Invesco in 2022, valued the company at $10.7 billion. The final valuation for the IPO could vary, but the target is around $15 billion. The proceeds from the IPO are expected to be used to expand Swiggy’s quick commerce Instamart business and to open additional warehouses to strengthen its position against Zomato.

Zomato, which went public in 2021, has seen its market valuation more than double, currently standing at around $28 billion. Swiggy is looking to capitalize on similar growth in the quick commerce sector. According to a Goldman Sachs report cited by Reuters, quick deliveries accounted for $5 billion, or 45 percent, of India's $11 billion online grocery market in 2022, with the segment expected to grow to a 70 percent share by 2030.

While Swiggy's food delivery operations are profitable, its Instamart grocery delivery service continues to operate at a loss. The company currently operates around 550 grocery warehouses across 35 cities in India.

In related news, e-commerce giant Amazon has reportedly shown interest in Swiggy's Instamart business, although no official offer has been made. Discussions are said to be in the early stages, and the complex nature of the potential deal may pose challenges.

Bengaluru based food delivery platform Swiggy has received shareholders' approval for an initial public offering to raise Rs 10,414 crore fund through issue of fresh equity shares and an offer for sale.

According to reports, a special resolution was passed at an extraordinary general meeting of Swiggy on April 23.

The Bengaluru-based company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to Rs 6,664 crore.

The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they added.

Started in 2014, Swiggy has a valuation of USD 12.7 billion as on April 10, 2024. Its annual revenue stood at USD 1.09 billion as on March 31, 2023.

The company has more than 4,700 employees, according to Tracxn, a global startup data platform.
 

Swiggy has officially transformed from a private limited company to a public limited one in anticipation of its upcoming stock market debut later this year, as per documents filed with the Registrar of Companies.

The holding company of the prominent food-delivery and quick-commerce leader has been renamed from Swiggy Private Limited to Swiggy Limited.

This adjustment coincides with the company's intentions to submit a draft red herring prospectus in the coming months, paving the way for an anticipated $1 billion initial public offering towards the end of the year.

Swiggy is part of a cohort of modern internet firms aiming to debut on public stock exchanges.

Towards the end of last year, companies such as Ola Electric, FirstCry, and Awfis submitted their draft IPO documents.

Additionally, Honasa Consumer, the parent company of beauty and personal care brand Mamaearth, made its public debut in November.
 

Indian food delivery leader Swiggy reported a loss of $200 million for the nine months ending in December 2023, as per an internal document.

The company, aiming for a stock market debut, disclosed this financial information.

Sources previously informed Reuters that the SoftBank-backed firm might go public by the conclusion of this year.

Despite the flourishing state of India's stock market, both domestic and foreign investors have become cautious about Indian startup IPOs due to apprehensions regarding inflated valuations of companies that continue to incur losses.

According to the document, Swiggy incurred a loss of 41.8 billion rupees (equivalent to USD 500 million) for the entire fiscal year 2022-23.

However, a confidential source familiar with the situation, who preferred to remain anonymous, revealed that the company's reduction in wage payouts and marketing expenditure would aid in reducing losses for the entire fiscal year 2023-24.

According to the document, losses amounted to 17.3 billion rupees (equivalent to USD 207 million) for the period spanning from April to December 2023, marking the initial nine months of the fiscal year 2023-24.

During the same period, the document indicated that the loss was incurred on a revenue of USD 1.02 billion, compared to the fiscal year 2022-23 revenue of USD 1.05 billion. Swiggy did not provide any response to inquiries seeking comment.

India's stock market has seen a 28% increase over the last year, leading to numerous companies considering going public.

However, they are encountering discerning investors in the process.

Since its listing in 2021, digital payments company Paytm, which is still operating at a loss, has witnessed an 80% decline in its shares.

Analysts had criticized the company for overvaluing itself at the time of its listing.

Following its listing in 2021, Zomato, a competitor of Swiggy, experienced a significant decline in its shares.

However, this year, its shares have surged by 45% following two consecutive quarters of profitability.

Investors valued Swiggy at USD 10.7 billion in 2022. Initially focusing on meal deliveries, the company has diversified its services to include grocery deliveries and restaurant reservations over time.

Juniper Hotels, operating hotels under the "Hyatt" brand, revealed the schedule for its inaugural public offering.

The INR 1,800-crore offering is set to begin accepting subscriptions on February 21 and will conclude on February 23.

The IPO, valued at Rs 10 per share, consists solely of fresh equity and does not include any offer for sale (OFS) component.

The price range for the public offer will be disclosed shortly.

Approximately 75% of the IPO is allocated for qualified institutional buyers, while 15% is designated for non-institutional investors, with the remaining 10% allotted to retail investors.

The company plans to utilize the net proceeds amounting to INR 1,500 crore for repaying, prepaying, or redeeming certain existing borrowings (including settlement of accrued interest) obtained by the company and its subsidiaries, as well as for general corporate objectives.

Juniper Hotels is jointly owned by Saraf Hotels and Two Seas Holdings, a subsidiary of the renowned international hospitality group, Hyatt Hotels Corporation.

Operating as a luxury hotel development and ownership firm, it holds a 20% share of the overall 1836 Hyatt-affiliated rooms in India as of June 2023.

The company oversees a varied collection comprising seven hotels and serviced apartments.
 

The hotels and serviced apartments cover a range of classifications, including luxury, upper upscale, and upscale, situated across six key cities: Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi.

Notably, the Grand Hyatt Mumbai Hotel and Residences stands out as the largest hotel in India.

In the fiscal year 2023, operational revenue surged by 116%, reaching INR 667 crore compared to INR 309 crore in the previous year.

Concurrently, the net loss reduced to INR 1.5 crore in fiscal 2023 from INR 188.03 crore in fiscal 2022.

JM Financial, CLSA India, and ICICI Securities serve as the book-running lead managers, while KFin Technologies acts as the registrar for the offering.

The equity shares are slated for listing on both the BSE and NSE.

Samhi Hotels and Motisons Jewellers, a retail jewelry company based in Jaipur, have received approval from the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO).

The two companies resubmitted their initial documents to SEBI in March of this year and received observation letters from SEBI between August 28 and August 31, according to an update from SEBI on Tuesday.

In the terminology used by SEBI, when it issues an observation, it signifies its approval for the commencement of the initial share offering.

According to the preliminary documents, Samhi Hotels has outlined its IPO plan, which includes raising Rs 1,000 crore through the issuance of new equity shares and offering 90 lakh equity shares held by current shareholders for sale.

The Offer For Sale (OFS) comprises the following share sales: Blue Chandra Pte Ltd plans to sell 42.36 lakh equity shares, Goldman Sachs Investments Holdings (Asia) Ltd intends to sell up to 24.78 lakh equity shares, GTI Capital Alpha Pvt Ltd plans to sell up to 15.47 lakh equity shares, and the International Finance Corporation aims to sell up to 7.39 lakh equity shares.

This represents a partial withdrawal by current shareholders in order to comply with listing regulations.

Previously, the company submitted its IPO documents to SEBI in September 2019 and received approval from the market regulator in November 2019 for the initial share offering, but the company chose not to proceed with the launch at that time.

The Gurugram-based firm intends to use the net proceeds from the new equity shares, totaling Rs 750 crore, to repay debt and for general corporate needs.

As of February 28, 2023, Samhi Hotels possesses a portfolio of 25 operational hotels, with a total of 3,839 rooms, strategically located in 12 major urban centers in India, including Bengaluru, Hyderabad, the National Capital Region (NCR), Pune, Chennai, and Ahmedabad.

By February 2023, Samhi Hotels holds the distinction of being the biggest owner of Fairfield by Marriott and Holiday Inn Express brands in India.

The company operates under extended management agreements with renowned global hotel operators such as Marriott, Hyatt, and IHG.

Regarding the Motisons Jewellers IPO, it entails the issuance of 3.34 crore new equity shares and does not include any Offer For Sale (OFS) component.

Apeejay Surrendra Park Hotels Ltd, which runs ‘The Park’ has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,050 crore through an initial public offering (IPO).

The IPO comprises a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of equity shares to the tune of Rs 400 crore by promoters and investor shareholders, as per DRHP filed last week.

Those offering shares in the OFS are Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd.

At present, promoters and promoter group members hold a 94.18 per cent stake in the company, and the two investors own 5.82 per cent shareholding in the firm.

Proceeds of the fresh issue would be utilised toward the payment of debt and for general corporate purposes.

It also operate hotels like, The Park, The Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone and has a strong hold in the retail food and beverage industry via its brand ‘Flurys’.

It has five decades of experience in the hospitality business of owning and operating hotels, with the first hotel being launched under brand ‘The Park’ at the iconic Park Street in Kolkata.

The company has a presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam.

JM Financial, Axis Capital, and ICICI Securities are the book-running lead managers to the issue.

Earlier, the hotel chain had filed its draft papers for the IPO in December 2019 and received the regulator’s approval too. However, the company did not go ahead with the launch.
 

Indian spirit maker Allied Blenders and Distillers Limited has received Securities and Exchange Board of India (SEBI) nod to go-ahead with its initial public offering of shares.

This comes after almost six months of filing the draft papers with SEBI.

The IPO comprises fresh issue of equity shares worth Rs 1,000 crore, and an offer for sale by promoters Bina Kishore Chhabria, Resham Chhabria, Jeetendra, Hemdev, Neesha Kishore Chhabria, aggregating up to Rs 1,000 crore.

The promoter and promoter group entities together hold about 80 per cent stake in the Mumbai-based firm.

Allied Blenders makes foreign liquors and its flagship brands include ‘Officer’s Choice Whiskey’, ‘Sterling Reserve’, and ‘Officer’s Choice Blue’.

Allied is present across 30 states and Union Territories.

Of the total proceeds from the fresh issue, it plans to utilise Rs 700 crore to repay debt and the rest for general corporate purposes.

The company plans to introduce products in the premium, semi-premium, and deluxe segments that will help improve its profitability.

Recently, Allied Blenders and Distillers Limited has extended its deluxe rum Jolly Roger to Uttar Pradesh and Rajasthan.

Alcohol beverage company, Sula Vineyards Ltd's with bids totalling 15.65 billion rupees ($189.63 million), initial public offering was oversubscribed on Wednesday.

By the last day of bidding, investors had offered 43.8 million shares, 2.33 times the supply of 18.8 million shares.

It is focusing on a valuation of up to 29.13 billion rupees in India's first pure winemaker initial public offering (IPO), taking advantage of a surge in consumption as a result of the epidemic in a nation that favours beer, whisky, and national libations.

9.6 billion rupees is the total amount Sula hopes to fund, with 2.88 billion already coming from anchor investors including Goldman Sachs and the Abu Dhabi Investment Authority.

While retail investor subscription was at 1.65 times the amount reserved for them, institutional buyers placed bids for more than 4 times the amount. The IPO's value fluctuated between 340 and 357 rupees.

As people accept wine as a social drink and realise it to be a healthier alternative to spirits in the next years, Sula may experience rapid growth. Compared to the global average of 13%, wine drinking currently accounts for less than 1% of alcohol consumption in India.

On the stock exchanges, Sula will make its debut between December 20 and December 22.

The initial public offering of Bikaji Foods International was subscribed 26.67 on the last day of subscription.

The Rs 881.22-crore IPO received bids for 55,04,00,900 shares against 2,06,36,790 shares on offer, as per data available with the NSE.

The quota meant for Qualified Institutional Buyers (QIBs) received 80.63 times subscription, while the non-institutional investors category was subscribed 7.10 times and Retail Individual Investors (RIIs) was subscribed 4.77 times.

The Initial Public Offering (IPO) is a pure Offer For Sale (OFS) of up to 2,93,73,984 equity shares.

The price range for the offer is at Rs 285-300 a share.

Bikaji Foods International Ltd has received Rs 262 crore from anchor investors.

Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.

Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged 'rasgulla', 'soan papdi' and 'gulab jamun'.

Axis Capital, Intensive Fiscal Services, JM Financial, IIFL Securities and Kotak Mahindra Capital are the managers to the offer.

The initial share-sale of Bikaji Foods International was subscribed 1.48 times on the second day of offer on Friday, according to NSE data.

The Rs 881.22 crore IPO received bids for 3,04,44,000 shares against 2,06,36,790 shares on offer.

The category meant for Retail Individual Investors (RIIs) was subscribed 2.33 times, non-institutional investors received 1.42 times subscription and Qualified Institutional Buyers (QIBs) was subscribed 3 per cent.

The Initial Public Offering (IPO) is a pure Offer-For-Sale (OFS) of up to 2,93,73,984 equity shares.

The price range for the offer is at Rs 285-300 a share.

Bikaji Foods International Ltd has received Rs 262 crore from anchor investors.

Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.

Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged 'rasgulla', 'soan papdi' and 'gulab jamun'.

Axis Capital, Intensive Fiscal Services, JM Financial, IIFL Securities and Kotak Mahindra Capital are the managers to the offer.

Bikaji Foods International has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Sebi.

The issue is entirely an offer for sale (OFS) of up to 29,373,984 by existing shareholders and promoter group entities. The company will not receive any proceeds from the issue.

Among its shareholders are Avendus, IIFL Asset Management, Intensive Softshare, Axis Asset Management and Lighthouse Funds. However, only the first three are offloading stakes along with a few other shareholders.

The offer also includes a reservation for eligible employees.

As per the company, it is the largest producer of Bikaneri bhujia with an annual production of 26,690 tonnes, and the second-largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in FY21.

The brand recently opened Bikaji Cafe and Bikaji Funkeen brands to promote its western snack segment.

At present, it has six operating manufacturing facilities across Rajasthan, Bihar and Uttar Pradesh and has plans to establish five more.

JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services Private and Kotak Mahindra Capital Company are the book running lead managers to the issue.

Owners of Officer’s Choice Whisky, Allied Blenders & Distillers Pvt., is planning to raise $300 million next year.

The Mumbai-based spirits manufacturer has initiated talks with advisers and is seeking a valuation of at least $2.5 billion, shares a report published in Bloomberg.

The company is planning to file preliminary documents as soon as the first quarter of 2022, the people aware of the matter said.

No final decision has been reached regarding the valuation or timing of the potential IPO, and Allied Blenders could still decide against proceeding with the plan, they said.

Allied Blenders sells spirits ranging from whiskey and rum to brandy and vodka across 29 countries.

It owns nine bottling units, one distilling facility and over 20 outsourced manufacturing sites, added the company website.

Devyani International that went public on 4^th August and whose shares were up for sale till 6^th August was subscribed a whopping 116.71 times on the closing day of subscription on Friday.

The largest franchisee of Pizza Hut, KFC, and Costa Coffee in India, Devyani’s Rs 1,838-crore IPO received bids for 13,13,77,91,700 shares against 11,25,69,719 shares on offer, as per NSE records.

The qualified institutional buyers' (QIB) category was subscribed 95.27 times, non-institutional investors' 213.06 times and retail individual investors' segment 39.51 times.

The initial public offer (IPO) had a fresh issue of up to Rs 440 crore and an offer for sale of up to 15,53,33,330 equity shares. Devyani set a price range of Rs 86-90 per share.

It also announced on Wednesday that it has mobilised Rs 825 crore from anchor investors.

The three-day initial share sale opened for subscription on Wednesday and was fully subscribed on the first day itself.

An associate of RJ Corp, the largest bottling partner of PepsiCo, it has interests in the Indian retail F&B sector.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors were the managers to the offer.

KFC, Pizza Hut and Costa Coffee franchisee Devyani International, on Wednesday announced that it fetched Rs 825 crore from anchor investors.

It has decided to allocate 9.16 crore equity shares to 41 anchor investors at Rs 90 a piece, aggregating to Rs 825 crore, according to a statement.

A total of 28 foreign portfolio investors (FPIs) participated in the anchor book on Tuesday. Some of them were Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Monetary Authority of Singapore, Abu Dhabi Investment Council, Government of Singapore, Jupiter Asset Management, Nomura and Macquarie.

In addition, 13 domestic investors including 6 mutual funds, 6 life insurance companies and one general insurance company participated in the anchor book too.

These included ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Nippon Life MF, Tata Mutual Fund MF, Sundaram Mutual Fund, Aditya Birla Sunlife, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bajaj Allianz, Max Life Insurance Co and SBI General Insurance.

The initial public offering (IPO) consists of fresh issue of equity shares worth Rs 440 crore and an offer-for-sale of up to 155,333,330 equity shares by promoter and existing shareholder.

Under the offer-for-sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will offload 6,53,33,330 shares and promoter RJ Corp will sell 9 crore shares.

The company has fixed a price band of Rs 86-90 a share for its IPO and at the upper end of the price band, the public issue is expected to fetch Rs 1,838 crore.

The three-day initial share-sale opened for subscription on Wednesday. And, to much surprise the Rs 1,838 crore IPO by Devyani International was fully subscribed in just over three hours of the bidding process.

By 1 pm, the issue received bids for 11,50,95,915 shares against the issue size of 11,25,69,719 shares.

Devyani International Limited, the largest franchisee of Yum Brands in India, is proposing to open the Bid/Offer Period in relation to its initial public offering of Equity Shares (the “Offer”) on Wednesday, August 4, 2021.

The bid period will close on Friday, August 6, 2021.The price band for the offer has been fixed at Rs. 86– Rs. 90per Equity Share.

The operator of Pizza Hut, KFC, and Costa Coffee stores, and the selling shareholders, may in consultation with the lead managers, consider participation by anchor investors in accordance with the SEBI Regulations, 2018, as amended (the “SEBI ICDR Regulations”). The Anchor Investor Bid/Offer Period shall be one working day prior to the Bid/Offer Opening Date.

Also Read: Devyani International to launch IPO on Aug 4

Devyani is the single largest quick-service restaurant (QSR) company in India to be listed on Swiggy and was among the largest QSR companies in India to be listed on the Zomato platform in 2019 and 2020, shared a spokesperson during a press meet today.

The IPO comprises a fresh issuance of equity shares aggregating to Rs. 4,400 million by Devyani and an offer for sale of up to 155,333,330 equity shares by the selling shareholders, namely, Dunearn Investments (Mauritius) Pte. Ltd and the promoter selling shareholder, RJ Corp Limited.

The offer includes a reservation of up to 550,000 equity Shares for subscription by eligible employees of the company.

The Company proposes to utilise the net proceeds towards repayment/prepayment of all or certain of the company’s borrowings; and general corporate purposes.

Devyani also operates home grown brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar.

Devyani’s business from the core brands (India and Internationally that comprises of Nigeria and Nepal) accounted for 94.19 per cent of its revenues from operations.

Also, the brand focused on digital adoption and revenue and sales from delivery grew from 51.15 per cent to 70.20 per cent this year.

Must Read: How KFC is becoming India’s first QSR chain to go completely contactless by delivering to your car or bike

It also opened 109 stores across its core brand in the last six months and has acquired 73 stores from Yum! Brands in last 2 years.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors are the investment bankers appointed to the issue.

The largest franchisee of KFC, Pizza Hut and Costa Coffee in India Devyani International will Launch its IPO on August 4.

The company has filed its Red Herring Prospectus (RHP) with the capital markets regulator for its public issue that opens for subscription on Wednesday, 4 August 2021 till Friday, 6 August 2021.

The public issue comprises fresh issue of shares worth Rs 440 crore and offer-for-sale (OFS) of issuing up to 15.53 crore equity shares by existing shareholders and promoters.

The company is planning to raise Rs 1,400 crore from the IPO.

The promoter and existing shareholders participating in the IPO include Dunearn Investment (Mauritius) and RJ Corp.

Devyani has reserved up to 550,00 equity shares for the eligible shareholders of the company and 75 per cent of the net issue for qualified institutional buyers (QIBs) whereas 15 per cent shares are allocated to non-institutional bidders (NIIs). Retail investors will get the remaining 10 per cent allocation.

The brand has appointed Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services NSE 4.97 % and Motilal Oswal Investment Advisors as the global co-ordinators and book running lead managers (BRLMs) of the issue.

Link Intime India has been appointed as the registrar for the issue and the shares will be listed on both BSE and NSE.

Food delivery platform which launched its initial public offering (IPO) yesterday, July 14, 2021, was subscribed 1.32 times so far in the second day of the IPO, as per BSE data.

May Interest: Zomato’s IPO kicks off on 14th July: why you should subscribe it

According to the data available with BSE, the shares which are to be allocated for the qualified institutional buyers was subscribed  98 per cent, while those of non institutional investors was subscribed nearly 24 per cent,  the retail individual investors was subscribed 3.87 times.

Also, the shares for the employees’ segment was subscribed nearly 21 per cent, as per BSE.

Zomato’s IPO subscription will go live till 5 pm on July 16^th.

The price band of Zomato IPO is fixed at Rs 72-76 per share of the face value of Rs 1 each and the company aims to raise Rs 9,375 crore through the offer.

The IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer for sale (OFS) worth Rs 375 crore by existing investor Info Edge (India).

Zomato raised over Rs 4,196 crore (Rs 41,96,51,86,380) from 186 anchor investors in lieu of 55,21,73,505 equity shares at Rs 76 each, ahead of its IPO on Tuesday, 14^th July.

May Interest: Food-tech platform Zomato raises Rs 4,197 crore from anchor investors ahead of IPO

As per a statement by Paytm Money, Zomato IPO saw huge demand coming from young and first time investors. According to the statement, 27% of people who completed the Zomato IPO application on Paytm Money's platform were less than 25 years old while 60% were less than 30 years old.

Food delivery platform Zomato that is opening its IPO today has raised Rs 4,197 crore from 186 anchor investors.

The Gurgaon-based platform informed the stock exchanges that it had allotted 55.22 crore equity shares to anchor investors for Rs 76 per equity share.

The funds raised through anchor investors are almost 45% of the total issue size. Overall, 75% of the issue size is reserved for qualified institutional buyers, while 25% of shares have been reserved for high net worth individuals and retail investors.

Must Read: Zomato’s IPO kicks off on 14th July: why you should subscribe it

New World Fund, Tiger Global Investment Fund, Fidelity Fund, Baillie Gifford Pacific Fund, Morgan Stanley Investment Fund, Canada Pension Plan Investment Fund, Government of Singapore, Kotak Flexicap Fund, to name a few, were allotted more than 2% of the anchor book.

Out of the total allocation, 18.41 crore shares were allotted to 19 domestic mutual funds such as SBI, Axis, Aditya Birla, Kotak, Mirea, Motilal, UTI, Nippon India, HDFC, IIFL, Sundaram, Tata, and Principal, among others.

The food-tech platform’s IPO will open for subscription today i.e, 14 July, and close on Friday, July 16, 2021.

The price band of Zomato IPO is being fixed at Rs 72-76 per share of the face value of Rs 1 each. The Rs 9,375 crore IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer for sale (OFS) worth Rs 375 crore by existing investor Info Edge (India).

American doughnut company and coffeehouse chain Krispy Kreme Inc is looking to raise around $640 million through a U.S. initial public offering, according to a regulatory filing with the US Securities and Exchange Commission , valuing the donut chain at nearly $4 billion.

Owned by JAB Holding Company, the doughnut chain is planning to return to public trading after five years as a privately held company.

Also Read: Doughnut-chain Krispy Kreme files for initial public offering

Known for its glazed donuts and coffee, it aims to sell about 26.7 million shares priced between $21 and $24 per share, the filing shared.

It is also planning to list on the Nasdaq under the ticker symbol "DNUT.

According to reports, it had confidentially filed with regulators in early May, which revealed a surge in revenue in the first quarter of 2021.

The brand recorded its highest level of sales, at $1.1 billion, in fiscal 2020.

Krispy Kreme first went public in 2000 but filed for Chapter 11 bankruptcy in 2005.

May Interest: America’s Krispy Kreme Surpasses Starbucks as Best Coffee Shop Brand In Public Poll

J.P. Morgan, Morgan Stanley, BofA Securities and Citigroup are the lead book-running managers for the offering.

Casual dining chain Barbeque Nation Hospitality may come out with its initial share sale next week, merchant banking sources said on Friday.

Backed by CX Partners and Rakesh Jhunjhunwala's investment firm Alchemy Capital, the initial public offer  for the restaurant chain comprises fresh issue of shares worth Rs 180 crore and an offer-for-sale of up to 54,57,470 equity shares, reported PTI.

Barbeque Nation has already raised Rs 150 crore through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.

Also Read: Jubilant Foodworks to invest Rs 92 Crore in Barbeque Nation, acquire 10.76% Stake

Proceeds of the issue will be utilised to fund the company's capital expenditure for expansion, besides prepayment or repayment of certain borrowings and expenses related to general corporate purposes.

The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. It is backed by private equity firm CX Partners, which made its first investment in 2013 and again in 2015.

The promoters hold 60.24 per cent stake, CX Partners owns 33.79 per cent and Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent in the company.

The total operating revenue of the company in FY20 was Rs 850.8 crore and the CAGR from FY17 to FY20 was at 19.5 per cent.

Barbeque Nation Hospitality, which filed preliminary papers in February last year, received Sebi's approval in July 2020 to float the IPO.

The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.

Earlier in 2017, the company had filed IPO papers with Sebi seeking to raise Rs 700 crore. However, the regulator kept the processing of the company's proposed IPO in abeyance, "pending regulatory action for past violations". It finally approved the IPO plan in January 2018.

May Interest: Barbeque Nation gets Sebi nod for IPO

However, the company did not launch the initial share-sale due to averse market conditions.

Barbeque Nation Hospitality owns and operates 138 outlets across India and 7 outlets in the UAE, Oman and Malaysia.

The ₹541 crore initial public offering (IPO) of Mrs Bectors Food Specialities, a premium bakery and biscuit brand was subscribed 199 times on the final day of the bidding, according to data available with stock exchanges.

The qualified institutional investor category was subscribed 178.08 times, the non institutional category comprising high net worth individuals was subscribed 625.20 times. Demand from retail individual investors, whose investments can not exceed ₹2 lakh in an IPO, stood at 29.53 times.

Also Read: Burger King IPO kicks off: Why you should subscribe it

The promoters owned a 52.39% stake in Mrs. Bectors before the issue, and post issue it will be at 48.87%. The price band for selling shares has been fixed at ₹286-288 apiece.

The proceeds from the fresh issue will be used for financing the expansion of the company's Rajpura manufacturing facility in Punjab by establishing a new production line for biscuits, according to the draft red herring prospectus.

Barbeque Nation has refiled fresh Draft Red Herring Prospectus (DRHP) with SEBI for its Initial Public Offer (IPO). Through IPO, the casual dining restaurant chain plans to raise an estimated Rs 1,000-1,200 crore.

The IPO will comprise a fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 98,22,947 equity shares. The Bengaluru-based company may consider a pre-IPO placement to the tune of Rs 150 crore.

Barbeque Nation will use the proceeds to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes.

The Book Running Lead Managers to the issue are IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets. 

In 2017, the restaurant chain filed IPO papers with SEBI seeking to raise Rs 700 crore, however, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018. Although, Barbeque Nation could not launch the initial share-sale due to adverse market conditions.

Barbeque Nation Hospitality, which owns and operates Barbeque Nation Restaurants, is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. It is backed by private equity firm CX Partners, which made its first investment in 2013 and again in 2015. 

Presently, Barbeque Nation operates 138 outlets across India and 7 outlets in the UAE, Oman and Malaysia.

Barbeque Nation’s Eat-All-You-Can Buffet

Barbeque Nation is famous for its eat-all-you-can buffet. The buffet showcases an array of vegetarian and non-vegetarian spreads.

For starters, the restaurant offers non-vegetarian delicacies like Mutton Kadhak Seekh, Chilli Garlic Prawns, Ajwaini Fish Tikka, Murg Boti Kebab, etc. For vegetarians, the restaurant provides mouth-watering Hariyali Kumbh, Pineapple Chaat, Cajun Spice Baby Potato and Punjabi Paneer Tikka, among others.

The restaurant’s main course includes non-vegetarian dishes like Chicken Dum Biryani, Kashmiri Mutton Rogon Josh and Murgh Makhani, and vegetarian ones including Paneer Tikka Masala, Kashmiri Pulao, Dal-E-Dum, and Mushroom Ka Josh.

Its dessert section consists of Walnut Brownie, Assorted Pastry, Angoori Gulab Jamun, Marvel Cake, and Kesari Phirnee. The restaurant’s popular Kulfi Nation counter also offers a wide range of Kulfis.

The Securities and Exchange Board of India (SEBI) has given approval to Burger King India Ltd, the national master franchisee of the American burger brand in India, to float its initial public offering (IPO).

Burger King’s total IPO size is estimated at Rs 1,000 crore. The proposed IPO will be involving private equity firm Everstone selling a quarter of its shares and the burger chain issuing fresh shares worth Rs 400 crore.

The QSR chain will utilize Rs 290 crore out of the fresh net proceeds to launch new company-owned restaurants and part of the money for general corporate purposes. Currently, it has 216 restaurants and eight sub-franchised restaurants across India.

Burger King had filed its documents for the proposed IPO in November 2019.

Everstone is poised to make neat returns from the partial exit. The company, through its investment vehicle QSR Asia Pte Ltd, owns a 99.39% stake in Burger King India.

In 2014, Everstone had formed a rare investment unit to build and operate a brand from scratch in India. Despite investing in a bunch of restaurant chains, Everstone didn’t succeed in making money from all of its bets. However, the firm is looking to more than makeup with Burger King. It has proposed to sell 60 million shares, or nearly a fourth of its stake.

Footprint of Burger King

The brand is owned by Burger King Corporation, a subsidiary of Restaurant Brands International Inc, in the US. Restaurant Brands International Inc holds a portfolio of fast-food brands that also include Popeyes and Tim Hortons.

Globally, Burger King is the second-largest burger brand as measured by the total number of restaurants. The chain has a global network of more than 18,000 restaurants in over 100 countries and US territories at the end of June 30, 2019.

Burger King India will be valued at Rs 3,065 crore, based on the estimated issue size. The brand’s listed peers Westlife Development, the master franchisee for McDonald’s in western and South India, is valued at Rs 6,751 crore, while Jubilant Foodworks Ltd, the franchise for Domino’s, is valued at Rs 24,063 crore.

Business Growth

Burger King’s loss narrowed to Rs 38.55 crore for the year through March 2019 from Rs 81.47 crore the year before. Its revenue from operations jumped to Rs 632.73 crore from Rs 378.12 crore.

The burger chain’s loss for the three months ended June 2019 was Rs 2.14 crore on revenue of Rs 212.27 crore. Its same-store sales growth, a key measure of operating performance, was 12.23% and 29.21% in 2017-18 and 2018-19, respectively.

Burger King is planning to double the number of stores in India by the end of next year with the funds from IPO. Recently, the US-based fast food chain has filed for an Initial Public Offering (IPO) in the Indian market.

A Marketing Executive of Burger King said, “We are looking for aggressive expansion. The brand has received a good response, and with the IPO, we are looking to double our stores by the end of next year.”

Burger King India has filed for an IPO to raise at least Rs 400 crore. Of these, the brand is looking to use Rs 290 crore to launch new restaurants.

Burger King’s first restaurant in India was opened in 2014. It competes with market leaders like McDonald’s and KFC. Currently, the burger chain has 216 company-owned and eight sub-franchised restaurants across 47 cities including Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, Chandigarh, Ludhiana, Amritsar and Kochi.

The company targets to introduce restaurants in new areas, but has ruled out the regional franchise model.

Burger King said in its draft prospectus, “We also intend to open restaurants in new areas and markets where we believe there is a strong potential for growth, in addition to taking advantage of the growing online delivery market, including through engagement with delivery aggregators.”

Burger King India has filed its draft prospectus for an initial public offering (IPO) with markets regulator, Securities and Exchange Board of India (SEBI). The IPO will be a combination of fresh issue and offer for sale.

Through the IPO, the burger chain is planning to raise Rs 400 crore as fresh capital while its promoter, QSR Asia Pte Ltd, will partially exit via an offer for sale of 6 crore equity shares.

A person directly aware of the matter said, “The total offer is expected to be of Rs 1,000 crore, of which the secondary component will be about Rs 600 crore through which all its shareholders will exit partially.”

The QSR chain is looking to use Rs 290 crore of the fresh capital to launch new restaurants in India. It is eyeing at having about 325 restaurants, including sub-franchised outlets by December 31, 2020.

The company said in its draft prospectus, “We also intend to open restaurants in new areas and markets where we believe there is strong potential for growth and in addition to taking advantage of the growing online delivery market, including through engagement with delivery aggregators.”

“This strategy will also help us to efficiently manage our supply chain due to the increased reach and density of our network and the proximity of our restaurants to each other and to the distribution centres of our third-party distributor,” it further stated.

In India, Burger King has 216 company-owned restaurants and eight sub-franchised restaurants across 47 cities, including Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, Chandigarh, Ludhiana, Amritsar and Kochi.

Anheuser-Busch InBev (AB InBev) has secured about $5 billion in a Hong Kong IPO of the brewer's Asia-Pacific unit after pricing it at the bottom of an indicative range.

The IPO of the Asia-Pacific unit of AB InBev, the world's largest brewer, is the second-biggest globally so far this year.

In July, the brewing giant tried to raise up to $9.8 billion through an initial public offering (IPO) of Budweiser Brewing Company APAC Ltd.

AB InBev owns about 50 beer brands, including Stella Artois, Becks and Corona. Asia is an important growth market for the company, whose market share has shrunk in the US, where it owns key brands like Bud Light and Budweiser.

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Markets regulator Sebi's has given go-ahead to float an initial public offering to Capricorn Food Products India Ltd, an integrated food processing company.

The company had filed IPO papers with Securities and Exchange Board of India (Sebi) in February and obtained its "observations" on April 12, latest update with the regulator showed.

Sebi's observation is necessary for any company planning to launch public issue like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

With this, the total number of companies receiving approval from the capital markets regulator has reached 13 so far this year.

Going by the draft papers, Capricorn Food's IPO comprises fresh issuance of equity shares worth Rs 171 crore and an offer for sale of up to 76.43 lakh scrips by the existing shareholders.

Proceeds of the issue will be utilised towards repayment of certain indebtedness of the company; investment in its subsidiary Gonglu for repayment of certain borrowings availed by it; and general corporate purposes.

IIFL Holdings, ICICI Securities, and IDFC Bank will manage the company's public issue. The equity shares are proposed to be listed on the BSE and NSE.

Established in 1998, Capricorn Food is a food processing company with both export and domestic operations. It serves clients across North America, Europe, Asia-Pacific, Africa and the Middle East.

The IPO, with an aim to raise up to Rs 152 crore, received bids for 69,46,240 shares. The total issue size is 62.1 lakh shares. The issue closes on Thursday

The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was oversubscribed 45% on the second day of the public issue on Wednesday.

Apex Frozen on Monday raised over Rs 43 crore from anchor investors. The offer will close on Tuesday.

The offer of up to 87 lakh shares, including the anchor portion of 24,90,000, with a face value of Rs 10 each is in the price band of Rs 171-175.

At the upper end, it can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.

The IPO comprises fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh by promoters.