The price band for Devyani International’s impending IPO has been established at Rs 86-90 per share, the single largest operator of marquee quick-service restaurants (QSR) such as KFC, Costa Coffee, and Pizza Hut.
The company will look to raise Rs 1,838 crore from the primary market.
Business Of Devyani International Aims To Raise Rs 1,838 Crore Through Its IPO
The company will look to raise Rs 1,838 crore from the primary market. The initial public offering (IPO) of Devyani International will begin next week, on August 4, and will be open for subscription until August 6.
After the successful listings of Burger King India and Barbeque Nation Hospitality, this will be the third restaurant company to obtain capital through an IPO in recent years.
Both new issues of equity shares, as well as an offer for sale, are offered and the company would raise Rs 440 crore through a new equity share offering, while existing shareholders will sell 15.53 crore equity shares, equating to Rs 1,398 crore at the top of the price band.
The funds raised through the new issue will be used to repay or prepay all of the company’s debts. Investors can bid in lots of 165 equity shares and then in multiples after that.
At the higher end of the price band, the minimum investment for the IPO would be Rs 14,850 per investor
Devyani International Has Shares Reserved For Its Employees !
Qualified Institutional Buyers (QIB) will receive 75% of the whole offering, while Non-Institutional Investors (NII) would receive 15% and regular investors will receive 10%. Devyani International has also set aside 5.50 lakh shares for its staff.
The offer for sale will see promoter RJ Corp Limited sell 80.48 lakh equity shares and another shareholder Dunearn sell 16.33 lakh equity shares.
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