The finalization of basis of share allotment of Sapphire Foods IPO has been announced and now all eyes are on the listing of company's shares on the leading stock exchanges BSE and NSE which is likely to be next week on November 22, 2021.
The initial public offering (IPO) of Sapphire Foods India Limited, which operates KFC and Pizza Hut outlets, was subscribed 6.62 times on the last day of subscription. The ₹2,073-crore IPO received bids for 6,39,45,000 shares against 96,63,468 shares on offer. As per market observers, Sapphire Foods shares premium (GMP) have surged to ₹100 in the grey market today.
The company's initial share sale was of up to 1.75 crore (1,75,69,941) equity shares and it fixed the price band at ₹1,120-1,180 per share. Sapphire Foods India Ltd had raised ₹933 crore from anchor investors ahead of its IPO roll out.
Sapphire Foods, an omnichannel 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.
The company’s association with Yum started in 2015 and they presently have the non-exclusive rights to operate restaurants under 3 of YUM’s leading brands, namely, the KFC, Pizza Hut and Taco Bell brands in the Territories.
As of June 30, 2021, it owned and operated 209 KFC restaurants in India and the Maldives, 239 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and 2 Taco Bell restaurants in Sri Lanka. Total number of restaurants are 450 as of June 30, 2021.
