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IPO

KFC Operator Sapphire Foods Sets IPO Price Band Of Rs 1,120-1,180/Share

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Sapphire Foods India, which operates KFC and Pizza Hut outlets, on Tuesday said it has fixed a price band of Rs 1,120-1,180 a share for its Rs 2,073-crore initial public offering (IPO).

The initial share-sale will open on November 9 and conclude on November 11. The bidding for anchor investors will open on November 8, the company announced.

The IPO will be entirely an offer for sale (OFS) of 1,75,69,941 equity shares by promoters and existing shareholders.

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

At the upper end of the price band, the initial public offering is expected to fetch Rs 2,073 crore.

The company said that up to 75 per cent of the shares has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.

Sapphire Foods, an omni-channel restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent, is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

As of March 31, 2021, Sapphire Foods owned and operated 204 KFC restaurants in India and the Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and two Taco Bell restaurants in Sri Lanka.

JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the lead managers to the company’s public issue. The equity shares of the company will be listed on BSE and NSE.

Devyani International, which is the other franchisee of Yum! Brands in India, operates 297 Pizza Hut stores and 264 KFC stores. It launched its Rs 1,838-crore IPO in August.

(PTI)

IPO

Paytm IPO Subscription To Open On November 8; Listing On November 18

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The company has filed papers with markets regulator SEBI which will be updated with price band, individual investor stake sale and other details later.

The initial public offering of digital payments firm Paytm will open for subscription on November 8 in the price band of Rs 2,080 to Rs 2,150 apiece and close on November 10, according to sources.

The company has filed papers with markets regulator SEBI which will be updated with price band, individual investor stake sale, and other details later.

The company is planning to get listed on November 18, the sources added.

Paytm has decided to increase its IPO size to Rs 18,300 crore from Rs 16,600 crore earlier, with the company’s biggest shareholder Alibaba group firm Ant Financial and existing investors including Softbank deciding to dilute more stake in the firm.

With existing shareholders deciding to dilute more equity, the offer-for-sale will go up by Rs 1,700 crore to Rs 10,000 crore.

“Roughly half of the offer for sale is by Ant Financial and the remaining by Alibaba, Elevation Capital, Softbank and other existing shareholders,” one of the sources said.

Softbank was not part of investors selling stake in the disclosure made by the company in its IPO draft paper.

(PTI)