Day-2: Devyani International IPO subscribed 6.61 times

The initial public offer of Devyani International, the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India, got subscribed 6.61 times on Thursday, the second day of subscription.

The company's initial public offer (IPO) comprises a fresh issue of up to Rs 440 crore and an offer for sale of up to 15,53,33,330 equity shares.

On Thursday, the Rs 1,838-crore IPO received bids for 74,40,74,100 shares against 11,25,69,719 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers(QIBs) was subscribed 1.32 times, non-institutional investors 6.37 times, and Retail Individual Investors(RIIs) 22.94 times.

The IPO is 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 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.

The offer is being managed by Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)