Shares of Devyani International Ltd, the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, on Monday debuted with a huge premium of nearly 57 per cent against its issue price of Rs 90.
The stock listed at Rs 141, a jump of 56.66 per cent from the issue price on BSE. On NSE, it made its debut at Rs 140.90, reflecting a gain of 56.55 per cent. The company's market valuation was at Rs 15,482.49 crore on BSE.
Earlier this month, the initial public offer of Devyani International was subscribed a whopping 116.71 times. The Rs 1,838-crore IPO was in a price range of Rs 86-90 per share.
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.