Devyani International has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 1400 crore through an initial public offering (IPO). The initial public offering (IPO) consists of fresh issue of equity shares worth Rs 400 crore and an offer of sale of up to 125,333,330 equity shares by promoter and existing shareholder.
The company, which filed the draft red herring prospectus with the SEBI in May, got the regulator’s approval on July 16, 2021. The proceeds from the fresh issue will be used to retire debt and general corporate purposes. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue.
The company is the largest franchisee of Yum Brands in India and are among the largest operators of chain quick service restaurants in India, on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021. In addition, it is a franchisee for the Costa Coffee brand and stores in India.
| Company Name | CMP |
|---|---|
| Varun Beverages | 474.05 |
| Nestle | 1285.65 |
| Britannia Inds | 5733.75 |
| LT Foods | 422.10 |
| Hatsun Agro Product | 979.20 |
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