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Devyani International shares to be listed on NSE, BSE today
Devyani International shares will be listed on the BSE and NSE today at 10 am. Devyani International is the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India.
The Rs 1,838-crore IPO received bids for 13,13,77,91,700 shares against 11,25,69,719 shares on offer. 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 IPO allotment was finalised last week.
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. The allotment was done at Rs 90. Devyani International had earlier mobilised Rs 825 crore from anchor investors.
Devyani International shares in the grey are commansing a premium of 55 per cent over the issue price. Apiece share is trading at Rs 50.
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 said that it will use the proceeds from the fresh issue to retire debt and for general corporate purposes.
Devyani International 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 Ckrushh Juice Bar. It currently operates 297 Pizza Hut stores, 264 KFC stores, and 44 Costa Coffee as of March 2021 in India.