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  5. KFC, Pizza Hut operator Devyani International IPO opens for subscription on August 4

KFC, Pizza Hut operator Devyani International IPO opens for subscription on August 4

Devyani International IPO Dtae: Devyani International is the largest franchisee of Pizza Hut, KFC and Costa Coffee in India.

India TV Business Desk Edited by: India TV Business Desk New Delhi Published on: July 28, 2021 14:57 IST
Devyani International IPO
Image Source : DIL-RJCORP.COM

KFC, Pizza Hut operator Devyani International IPO opens for subscription on August 4

Devyani International's IPO will enter Dalal Street next week. Its IPO will open for subscription on August 4 and close on August 6. Devyani International is the largest franchisee of Pizza Hut, KFC and Costa Coffee in India.

The company received capital markets watchdog Sebi's go-ahead earlier this month to raise an estimated Rs 1,400 crore through an initial share-sale.

Devyani International's IPO consists of fresh issue of equity shares worth Rs 400 crore and an offer of sale of up to 125,333,330 equity shares by promoter and existing shareholder. 

Under the offer for sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will sell 65,333,330 shares and promoter RJ Corp will offer six crore shares, it added.

The 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 food and beverages (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 been a key strategist to 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.

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