KFC, Pizza Hut operator Sapphire Foods sets IPO price band of ₹1,120 to 1,180 per share

Sapphire Meals India, which operates KFC and Pizza Hut shops, on Tuesday mentioned it has fastened a value band of ₹1,120-1,180 a share for its ₹2,073-crore preliminary public providing (IPO).

The preliminary share-sale will open on November 9 and conclude on November 11. The bidding for anchor buyers will open on November 8, the corporate introduced.

The IPO will likely be solely a proposal on the market (OFS) of 1,75,69,941 fairness shares by promoters and present shareholders.

As part of the OFS, QSR Administration Belief will promote 8.50 lakh shares, Sapphire Meals Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will supply 39.62 lakh shares.

As well as, AAJV Funding Belief will promote 80,169 shares, Edelweiss Crossover Alternatives Fund will offload 16.15 lakh shares and Edelweiss Crossover Alternatives Fund-Sequence II will divest 6.46 lakh shares.

On the higher finish of the worth band, the preliminary public providing is predicted to fetch ₹2,073 crore.

The corporate mentioned that as much as 75% of the shares has been reserved for certified institutional consumers (QIBs), 15 % for non-institutional consumers and the remaining 10% for retail buyers.

Sapphire Meals, an omni-channel restaurant operator and the most important franchisee of Yum Manufacturers within the Indian sub-continent, is backed by marquee buyers akin to Samara Capital, Goldman Sachs, CX Companions and Edelweiss.

As of March 31, 2021, Sapphire Meals owned and operated 204 KFC eating places in India and the Maldives, 231 Pizza Hut eating places in India, Sri Lanka and the Maldives, and two Taco Bell eating places in Sri Lanka.

JM Monetary, BofA Securities, ICICI Securities and IIFL Securities are the lead managers to the corporate’s public concern. The fairness shares of the corporate will likely be listed on BSE and NSE.

Devyani Worldwide, which is the opposite franchisee of Yum! Manufacturers in India, operates 297 Pizza Hut shops and 264 KFC shops. It launched its ₹1,838-crore IPO in August.