Pizza Hut, KFC and Costa Coffee operator -Devyani International – filed preliminary public providing (IPO) papers with capital market regulator Securities and Exchange Board of India (SEBI) to lift Rs 1,400 crore by way of share sale by way of IPO. The IPO consists of recent concern of fairness shares value Rs 400 crore and a suggestion of sale of as much as 12.5 crore fairness shares by promoter and present shareholder, in line with draft purple herring prospectus.
Under the provide on the market, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will promote 6.5 crore shares and promoter RJ Corp will provide 6 crore shares, it added.
Proceeds from the recent concern will likely be used to retire debt and basic company functions.
Devyani International operates 297 Pizza Hut shops, 264 KFC shops and 44 Costa Coffee as on March 2021 in India. Devyani International is led by Ravi Kant Jaipuria, promoter of RJ Corp and Virag Joshi, President and CEO.
It is an affiliate firm of RJ Corp, the most important bottling accomplice of meals and drinks (F&B) main Pepsico, and has pursuits within the Indian retail F&B sector.
The firm is the most important franchisee of Yum Brands, working core manufacturers akin to Pizza Hut, KFC, Costa Coffee apart from its personal manufacturers akin to Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar.
Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors have been appointed as service provider bankers for advising the corporate on the IPO.
Devyani International’s submitting for IPO comes days after meals supply service supplier Zomato filed papers for IPO. Zomato, backed by China’s Ant Group, filed for an IPO of as much as Rs 8,250 crore as shoppers more and more flip to ordering meals on-line through the COVID-19 pandemic.