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Sapphire Foods To Open For IPO On November 9

Market sources inform PTI that IPO is expected to fetch Rs 1,500- 2,000 crore. The company's equity shares would be listed on both BSE and NSE.

Sapphire Foods To Open For IPO On November 9
Image Source: Restaurants India
Sapphire Foods To Open For IPO On November 9
outlookindia.com
2021-10-29T15:07:03+05:30

Franchise owner of Yum Brands' KFC and Pizza Hut chain in the country, Sapphire Foods India said it will open for public subscription on November 9. The three-day initial public offering would close on November 11, as per the company's red herring prospectus. 

Market sources inform PTI that IPO is expected to fetch Rs 1,500- 2,000 crore.

The company's equity shares would be listed on both BSE and NSE. 

The initial share sale would be entirely an offer-for-sale (OFS) of about 1.75 crore equity shares by the promoter and existing shareholders. As part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius will offload 55.69 lakh shares, WWD Ruby will divest 48.46 lakh shares and Amethyst will offload 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.

Restaurant operator Sapphire Foods operates the largest franchisee of Yum Brands in the country and is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

It operated 204 KFC restaurants in India and Maldives, 231 Pizza Hut outlets in India, Sri Lanka and the Maldives, and 2 Taco Bell restaurants in Sri Lanka. 

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.

(With inputs from PTI)

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