Devyani International IPO subscribed 116.71 times on final day

By: |
August 06, 2021 9:17 PM

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.

IPO, Latent View Analytics IPOThe company provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions.

The initial public offer of Devyani International, the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India, was subscribed a whopping 116.71 times on the closing day of subscription on Friday.

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.

The initial public offer (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 on Wednesday said it has mobilised Rs 825 crore from anchor investors.

The three-day initial share sale opened for subscription on Wednesday and was fully subscribed on the first day itself.

Proceeds from the fresh issue will be used 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.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors were the managers to the offer.

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