Devyani International, the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, on Friday fixed a price band of Rs 86-90 a share for its Rs 1,838-crore initial share sale.
The three-day initial public offering (IPO) will open for subscription on August 4, and conclude on August 6, the company announced in a virtual press conference. The IPO consists of a fresh issue of equity shares worth Rs 440 crore and an offer-for-sale of up to 155,333,330 equity shares by the promoter and existing shareholders.
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 offer includes a reservation of up to 5.50 lakh equity shares for the company's employees. Also, 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.
Investors can bid for minimum 165 equity shares and in multiples of 165 equity shares thereafter. At the upper end of the price band, the IPO is expected to fetch Rs 1,838 crore. Proceeds from the fresh issue will be used to retire debt and 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 on March 2021 in India.
Devyani International is led by Ravi Kant Jaipuria, promoter of RJ Corp and Virag Joshi, President and CEO, who have been key strategists of the expansion efforts by the company. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue.
Devyani international IPO Details:
IPO Opens on : 4 Aug 2021
IPO Closes on : 6 Aug 2021
Issue Type: Book Built Issue IPO
IPO Size : Rs. 1797.99 Cr / 199777774 Shares
1) Fresh Issue Rs. 400 Cr / 44444444 Shares
2) Offer for Sale Up to 155,333,330 Equity Shares / 1397.99 Cr
Face Value per share : Rs. 1
Devyani international IPO Price Band Per Equity Share: Rs. 86-90
Devyani international IPO Lot Size: 165 Shares
Devyani international Listing will at BSE,NSE
The promoters of Devyani international:
Ravikant Jaipuria,Varun Jaipuria & RJ Corp Limited
Devyani international IPO Tentative timeTable
IPO Allotment on 11 Aug 2021
Unblocking of ASBA 12 Aug 2021
Credit to Demat Accounts 13 Aug 2021
Devyani international Listing on 16 Aug 2021
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