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Devyani International IPO: Price band fixed for Devyani International IPO, will open for subscription on August 4

Devyani International is the first Quick Service Restaurant (QSR) to be listed on Swiggy. It is also listed on Zomato.

Devyani International IPO: The price band has been fixed for the IPO of Devyani International Ltd (DIL), the largest franchise company of KFC, Pizza Hut and Costa coffee in India. Devyani International has fixed a price band of Rs 86-90 per share for the IPO. According to the upper price of the price band, the company will raise Rs 1838 crore from the primary market. This IPO for subscription will open next week on August 4 and bids can be taken till August 6. This will be the third IPO of a restaurant chain in recent times after Burger King India and Barbecue Nation Hospitality.

Fresh shares worth Rs 440 crore will be issued through the IPO while 15.53 crore equity shares worth Rs 1398 crore will be made available through Offer for Sale (OFS) by existing shareholders. The funds raised from the fresh issue will be used to pay off all the loans.

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Can bid in lots of 165 shares

Investors will be able to bid in lots of 165 shares to subscribe to the IPO. According to the upper price of the price band Rs 90, investors will have to invest at least Rs 14850. 75 per cent of the issue is reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs) and 10 per cent for retail investors. Apart from this, Devyani International has reserved 5.5 lakh shares for the employees. After successful listing, Devyani International will join the league of Jubilant Foodworks Ltd., Westlife Development and Burger King India.

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Despite COVID-19, the company is opening new stores

Devyani International is the first Quick Service Restaurant (QSR) to be listed on Swiggy. It is also listed on Zomato. The company had a net loss of Rs 62.99 crore in the financial year 2020-21. According to the company, apart from international business, more than 80 percent of its revenue comes from core brands. Devyani International has 655 stores in 155 cities. It was started in 1991 and is the largest franchise of Yum Brands. Yum Brands Inc. operates several brands like Pizza Hut, KFC and Teco Bell in India. Despite COVID-19, Devyani International has continuously expanded its store network. In the last six months, it has opened 109 stores across the country. The company will further expand itself.

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