Pizza Hut, KFC franchisor Devyani International sets price band at Rs 86-90 per equity share
Pizza Hut, KFC franchisor Devyani International sets price band at Rs 86-90 per equity share

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.

 
Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading