Devyani International, the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India, will finalise the allotment of its IPO on Wednesday. The Rs 1,838-crore IPO received bids for 13,13,77,91,700 shares against 11,25,69,719 shares on offer, according to an update on the NSE.
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. Devyani International 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. The company’s IPO was in a price range of Rs 86-90 per share.
Devyani International GMP
In the grey market, the unlisted shares of Devyani International are commanding a strong premium of nearly 80 per cent. Apiece share is trading at a premium of Rs 65-66.
Devyani International shares will be credited to the demat account on August 13 and listing will take place on August 16 on the BSE and NSE.
Ahead of the IPO, the company mobilised Rs 825 crore from anchor investors.
Devyani International will use the proceeds from the fresh issue to retire debt and for general corporate purposes.
Devyani International is an associate company of RJ Corp, the largest bottling partner of food and beverages (F&B) major PepsiCo, and has interests in the Indian retail F&B sector.
The company is the largest franchisee of Yum Brands, operating core brands such as Pizza Hut, KFC, Costa Coffee besides its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar. It currently operates 297 Pizza Hut stores, 264 KFC stores, and 44 Costa Coffee as of March 2021 in India.