{"id":16593,"date":"2021-08-02T20:30:08","date_gmt":"2021-08-02T15:00:08","guid":{"rendered":"https:\/\/www.moneyworks4me.com\/investmentshastra\/?p=16593"},"modified":"2021-08-06T17:42:27","modified_gmt":"2021-08-06T12:12:27","slug":"devyani-international-ipo-review","status":"publish","type":"post","link":"https:\/\/www.moneyworks4me.com\/investmentshastra\/devyani-international-ipo-review\/","title":{"rendered":"Devyani International IPO Review: Fast Growing QSR Model"},"content":{"rendered":"<div style=\"background: #ccffcc; border: 1px solid #009900; border-left-color: Brick tomato; border-left-style: solid; border-left-width: 15px; padding: 15px; margin-bottom: 5px; margin-top: 7px;\">\n<h2 style=\"font-size: 18px;\">Devyani International IPO Details:<\/h2>\n<p><strong>IPO Date:<\/strong>\u00a0August 4<sup>th<\/sup>\u00a0to August 6<sup>th<\/sup>, 2021<\/p>\n<p><strong>Total Shares for subscription:<\/strong>\u00a020.4 Crore<\/p>\n<p><strong>IPO Size:<\/strong>\u00a0Rs. 1,838 Cr<\/p>\n<p><strong>Lot Size:<\/strong>\u00a0165 shares<\/p>\n<p><strong>Price Band:<\/strong>\u00a0Rs. 86-90\/share<\/p>\n<p><strong>Market Cap:<\/strong>\u00a0Rs. 10,823 Cr<\/p>\n<p><strong>Recommendation:<\/strong>\u00a0<span style=\"color: #008000;\"><strong>Subscribe\u00a0for listing gains<\/strong><\/span><\/p>\n<\/div>\n<h2 style=\"font-size: 18px;\">Purpose of Devyani International IPO<\/h2>\n<ul>\n<li>To make repayment\/ prepayment of borrowings fully or partially<\/li>\n<li>General corporate purposes<\/li>\n<\/ul>\n<h2 style=\"font-size: 18px;\">About Devyani International Limited<\/h2>\n<p>Incorporated in December 1991, <a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/small-cap\/sector\/consumer-food\/devyani-international\/company-info\"><strong>Devyani International Limited<\/strong><\/a> is the largest franchisee of Yum Brands in India and is among the largest chain operators of quick-service restaurants (\u201cQSR\u201d) in India on a non-exclusive basis. It operated 696 stores across 166 cities in India, as of June 2021. The company was originally incorporated as \u2018Universal Ice Creams Private Limited\u2019 in December 1991 in New Delhi.<\/p>\n<p>Yum! Brands Inc. operates brands such as KFC, Pizza Hut, and Taco Bell and has a presence globally with more than 50,000 restaurants in over 150 countries, as of December 2020. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.<\/p>\n<h3 style=\"font-size: 16px;\">Business of Devyani International<\/h3>\n<p>The company\u2019s business is broadly classified into 3 verticals:<\/p>\n<ol>\n<li>Stores of KFC, Pizza Hut, and Costa Coffee operated in India (KFC, Pizza Hut, and Costa Coffee referred to as \u201cCore Brands\u201d, and such business in India referred to as the \u201cCore Brands Business\u201d);<\/li>\n<li>Stores operated outside India primarily comprising KFC and Pizza Hut stores operated in Nepal and Nigeria (\u201cInternational Business\u201d); and<\/li>\n<li>Other operations in the F&amp;B industry, including stores of their own brands such as Vaango and Food Street (\u201cOther Business\u201d).<\/li>\n<\/ol>\n<p><a class=\"gridlove-popup-img\" href=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16595\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue.png\" alt=\"segmentwise revenue\" width=\"603\" height=\"194\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue.png 758w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue-600x193.png 600w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue-150x48.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue-270x87.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue-370x119.png 370w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/segmentwise-revenue-740x238.png 740w\" sizes=\"(max-width: 603px) 100vw, 603px\" title=\"\"><\/a><\/p>\n<p>DIL has a strong 25-year long relationship with Yum, and Yum holds strategic equity in the company. Yum! Brands Inc. through its affiliates also has a minor equity stake in its other franchisee of KFC and Pizza Hut stores, located in Brazil.<\/p>\n<p><a class=\"gridlove-popup-img\" href=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/franchisee-of-KFC-and-Pizza-Hut-stores.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16596\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/franchisee-of-KFC-and-Pizza-Hut-stores.png\" alt=\"franchisee of KFC and Pizza Hut stores\" width=\"306\" height=\"102\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/franchisee-of-KFC-and-Pizza-Hut-stores.png 399w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/franchisee-of-KFC-and-Pizza-Hut-stores-150x50.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/franchisee-of-KFC-and-Pizza-Hut-stores-270x90.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/franchisee-of-KFC-and-Pizza-Hut-stores-370x123.png 370w\" sizes=\"(max-width: 306px) 100vw, 306px\" title=\"\"><\/a><\/p>\n<p>As of June 2021, the company operated 284 KFC stores and 317 Pizza Hut stores, and 44 Costa Coffee stores in India. In their Core Brands Business, they had an extensive presence in 26 states and 3 union territories in India.<\/p>\n<p>Devyani International collaborates with Yum across various aspects of their operations for KFC and Pizza Hut for the franchisor\u2019s brand protection and management, including product innovation and development, brand strategy, and technology initiatives. For Costa Coffee, retain flexibility over their operations with respect to similar parameters and are supported by Costa in determining their menu, ingredients, suppliers, and distributors<\/p>\n<h3 style=\"font-size: 16px;\">Management of Devyani International<\/h3>\n<p>The Promoters of the company are Ravi Kant Jaipuria, Varun Jaipuria, and RJ Corp. Currently, the Promoters, in aggregate, hold 76% of the issued, subscribed, and paid-up Equity Share capital of the company.<\/p>\n<p>Ravi Kant Jaipuria is the Non-Executive Director and Chairman of the Board of the company. He is a promoter of the company and has over 3 decades of experience in conceptualizing, executing, developing, and expanding the food, beverages, and dairy business in South Asia and Africa.<\/p>\n<p>Varun Jaipuria is the Non-Executive Director of the company. He is a promoter of the company and has 12 years of experience in the soft drinks industry.<\/p>\n<p>Virag Joshi is the Whole-time Director (President &amp; CEO) of the company. He has been a key strategist in an expansion of Pizza Hut, KFC, Costa Coffee outlets from a small base of 5 restaurants in 2002 to 600 plus outlets in the last 19 years. He has been earlier associated with Indian Hotels Company Ltd, Domino\u2019s Pizza India Ltd, Milkfood Ltd, and Priya Village Roadshow Ltd. He has been a Director on the Board since November 10, 2004.<\/p>\n<p>Manish Dawar is the Whole-time Director and CFO of the Company. He has wide experience in various industry domains and across various geographies in the world. He has worked in various corporate setups including Reebok India, Reckitt Benckiser, Vedanta, DEN Networks Ltd, and Vodafone India Ltd.<\/p>\n<p><a href=\"https:\/\/www.moneyworks4me.com\/stock-market\/learn-guide\/free-online-webinars?from=investmentshastra-banner\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16449 size-full\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/607-80px.png\" alt=\"live webinar banner\" width=\"607\" height=\"80\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/607-80px.png 607w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/607-80px-600x79.png 600w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/607-80px-150x20.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/607-80px-270x36.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/607-80px-370x49.png 370w\" sizes=\"(max-width: 607px) 100vw, 607px\" title=\"\"><\/a><\/p>\n<h3 style=\"font-size: 16px;\">Financials of Devyani International<\/h3>\n<p>Over the period FY19-21 revenues have grown at a CAGR of 18.5%.<\/p>\n<p><a class=\"gridlove-popup-img\" href=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16597\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International.png\" alt=\"Financials of Devyani International\" width=\"450\" height=\"184\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International.png 850w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International-600x246.png 600w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International-150x61.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International-768x314.png 768w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International-270x111.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International-370x151.png 370w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/Financials-of-Devyani-International-740x303.png 740w\" sizes=\"(max-width: 450px) 100vw, 450px\" title=\"\"><\/a><\/p>\n<p><a class=\"gridlove-popup-img\" href=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16598\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters.png\" alt=\"financial parameters\" width=\"704\" height=\"110\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters.png 985w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters-600x94.png 600w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters-150x23.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters-768x120.png 768w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters-270x42.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters-370x58.png 370w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/financial-parameters-740x116.png 740w\" sizes=\"(max-width: 704px) 100vw, 704px\" title=\"\"><\/a><\/p>\n<p>Their growth across the Core Brands has been facilitated by a well-defined new-store rollout process that enables them to identify locations and build their stores quickly, consistently, and efficiently. Despite the ongoing COVID-19 pandemic, DIL has continued to expand their store network and in the 6 months ended March 31, 2021, they opened 109 stores in their Core Brands Business.<\/p>\n<h4>Strengths:<\/h4>\n<ul>\n<li>Portfolio of highly recognized global brands catering to a range of customer preferences<\/li>\n<li>Comprehensive QSR player<\/li>\n<li>Presence across key consumption markets with a cluster-based approach<\/li>\n<li>Distinguished Board and experienced senior management team<\/li>\n<\/ul>\n<h2 style=\"font-size: 18px;\">MoneyWorks4me Opinion<\/h2>\n<h3 style=\"font-size: 16px;\">Is business good bad or gruesome?<\/h3>\n<p>Great! Retail and Quick Service Restaurants are one of the popular growth businesses wherein the success formula in one region is replicated in other regions in the country. This business model was Peter Lynch\u2019s favorite, assuming the execution is extraordinary.<\/p>\n<p>Companies in this segment not only earn a good return on investment from higher footfalls but also reinvest the profits into new stores across the country to compound capital.<\/p>\n<p>Rolling out new stores can be easily done by raising new funds but it doesn\u2019t create any value for shareholders if it is not backed by profitability. Wealth is created when the profits of an old store are used to fund a new store. Besides, an increase in sales of an existing store directly adds to overall profits which creates value.<\/p>\n<p>Good execution includes, (i) rolling out stores (Store growth) and (ii) increasing sales in existing stores (SSSG) through higher footfalls, to improve profitability.<\/p>\n<h3 style=\"font-size: 16px;\">Why is Devyani International reporting a loss if headline numbers indicate good execution?<\/h3>\n<p>In the retail business, till the time new store addition is significant % of overall stores, profits of the older\/mature stores get masked by losses of newer stores.<\/p>\n<p>Illustration, if Mr. ABC owns 10 stores with a 20% operating margin, and adds another 10 stores (100% store growth) with 10% operating margin loss in the initial years, Mr. ABC\u2019s overall company profit will remain subdued, 10 Cr i.e. operating margin 5%.<\/p>\n<p><a class=\"gridlove-popup-img\" href=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/store-counts.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16599\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/store-counts.png\" alt=\"store counts\" width=\"452\" height=\"168\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/store-counts.png 549w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/store-counts-150x56.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/store-counts-270x100.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/store-counts-370x137.png 370w\" sizes=\"(max-width: 452px) 100vw, 452px\" title=\"\"><\/a><\/p>\n<p>But as new stores break even and become profitable, it will lead to very high earning growth in subsequent years. If we assume the same profitability for new stores, overall company profit will go to Rs. 40 Cr (incl 20 Cr from new stores as well) over time. This will lead to a 300% jump in profits from Rs. 10 Cr to Rs. 40 Cr. If this happens in the next 3 years, earning growth will be around 60% CAGR in 3 years.<\/p>\n<p>Currently, Devyani International has expanded stores at a rapid clip which masked older stores\u2019 profitability. As store addition is moderating versus exiting ones, profitability is getting reflected. Operating profit margins are expected to improve with each passing year as existing stores\u2019 profits will far exceed losses from new stores.<\/p>\n<p>Devyani International expanded its Core brands store growth at 13.5% CAGR in the last 3 years.<\/p>\n<h3 style=\"font-size: 16px;\">What is the future growth expectation?<\/h3>\n<p>Quick Services Restaurants are a fast-growing segment with a large young population, an urban lifestyle of dining out, and improved affordability from income growth as well as offerings from QSR. Sales growth across all QSRs is healthy confirming our hypothesis. As expected the market for the QSR industry is going to expand at ~13% CAGR from FY20 \u2013 FY25 to Rs. 2,00,000 Cr as per market research reported in IPO document. We expect Devyani International also to grow at a similar pace and profit growth to be higher as the share of mature and profitable stores increases as a percentage of total stores.<\/p>\n<div style=\"border: 2px solid #ffff99; padding: 10px; background-color: #ffffcc; border-radius: 30px 5px;\">\n<h3 style=\"font-size: 16px;\">Valuation<\/h3>\n<p>Since <strong><a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/small-cap\/sector\/consumer-food\/devyani-international\/company-info\">Devyani International<\/a><\/strong> doesn\u2019t have profitability we assume sales multiple to compare with peers.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16603\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/ComPeers-Devyani.png\" alt=\"\" width=\"352\" height=\"158\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/ComPeers-Devyani.png 392w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/ComPeers-Devyani-150x67.png 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/ComPeers-Devyani-270x121.png 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/08\/ComPeers-Devyani-370x166.png 370w\" sizes=\"(max-width: 352px) 100vw, 352px\" title=\"\"><\/p>\n<p>Firstly, Devyani International requires higher investment in stores of Pizza Hut, KFC as their business model includes in-store dining predominantly. This leads to a relatively lower return on capital employed versus peers.<\/p>\n<p>Secondly, Devyani International has not yet reported profits to fund future growth hence it is warranted to trade at a discount. We believe such investments make sense only for aggressive investors.<\/p>\n<p><strong>Recommendation: <\/strong><span style=\"color: #008000;\"><strong>Subscribe for listing gains only; Aggressive investors can Subscribe for the long-term.<\/strong><\/span><\/p>\n<p>P.S. Our IPO calls are mostly to take advantage of IPO allotment in sectors that are in favor. We would not recommend a large allocation soon as we are yet to see company performance and execution post listing hence we don\u2019t recommend buy immediately after listing unless we are convinced about the business model or price.<\/p>\n<\/div>\n<h2 style=\"font-size: 18px; background-color: #7e7d7d; padding-left: 5px; margin-top: 10px; margin-bottom: 10px;\"><span id=\"time-table\" class=\"sta-anchor \" aria-hidden=\"true\"><span style=\"color: #ffffff;\">Devyani International Limited IPO Tentative Timetable:<\/span><\/span><\/h2>\n<table width=\"620\">\n<tbody>\n<tr>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>IPO Activity<\/strong><\/td>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>Date<\/strong><\/td>\n<\/tr>\n<tr>\n<td>IPO Open Date<\/td>\n<td style=\"text-align: center;\">Aug 4, 2021<\/td>\n<\/tr>\n<tr>\n<td>IPO Close Date<\/td>\n<td style=\"text-align: center;\">Aug 6, 2021<\/td>\n<\/tr>\n<tr>\n<td>Basis of Allotment Date<\/td>\n<td style=\"text-align: center;\">Aug 11, 2021<\/td>\n<\/tr>\n<tr>\n<td>Refunds Initiation<\/td>\n<td style=\"text-align: center;\">Aug 12, 2021<\/td>\n<\/tr>\n<tr>\n<td>A credit of Shares to Demat Account<\/td>\n<td style=\"text-align: center;\">Aug 13, 2021<\/td>\n<\/tr>\n<tr>\n<td>IPO Listing Date<\/td>\n<td style=\"text-align: center;\">Aug 16, 2021<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"font-size: 18px; background-color: #7e7d7d; padding-left: 5px; margin-top: 10px; margin-bottom: 10px;\"><span id=\"time-table\" class=\"sta-anchor \" aria-hidden=\"true\"><span style=\"color: #ffffff;\">Retail Individual Investor IPO Lot Size:<\/span><\/span><\/h2>\n<table class=\"table table-condensed table-bordered table-striped table-nonfluid\">\n<thead>\n<tr>\n<th style=\"background-color: #03acc7; color: white; text-align: center;\">Application<\/th>\n<th style=\"background-color: #03acc7; color: white; text-align: center;\">Lots<\/th>\n<th style=\"background-color: #03acc7; color: white; text-align: center;\">Shares<\/th>\n<th style=\"background-color: #03acc7; color: white; text-align: center;\">Amount<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"text-align: center;\">Minimum<\/td>\n<td style=\"text-align: center;\">1<\/td>\n<td style=\"text-align: center;\">165<\/td>\n<td style=\"text-align: center;\">\u20b9 14,850<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Maximum<\/td>\n<td style=\"text-align: center;\">13<\/td>\n<td style=\"text-align: center;\">2145<\/td>\n<td style=\"text-align: center;\">\u20b9 193,050<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"background-color: #7e7d7d; font-size: 18px; padding-left: 5px; margin-top: 10px; margin-bottom: 10px;\"><span id=\"subscription\" class=\"sta-anchor \" aria-hidden=\"true\"><span style=\"color: #ffffff;\">Devyani International Limited IPO Subscription Status:<\/span><\/span><\/h2>\n<table width=\"620\">\n<tbody>\n<tr>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>Date<\/strong><\/td>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>QIB<\/strong><\/td>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>NII<\/strong><\/td>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>Retail<\/strong><\/td>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>Employee<\/strong><\/td>\n<td style=\"background-color: #03acc7; color: white; text-align: center;\"><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Aug 04, 2021<\/td>\n<td style=\"text-align: center;\">0.77x<\/td>\n<td style=\"text-align: center;\">0.77x<\/td>\n<td style=\"text-align: center;\">11.37x<\/td>\n<td style=\"text-align: center;\">1.56x<\/td>\n<td style=\"text-align: center;\">2.69x<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Aug 05, 2021<\/td>\n<td style=\"text-align: center;\">1.32x<\/td>\n<td style=\"text-align: center;\">6.68x<\/td>\n<td style=\"text-align: center;\">23.16x<\/td>\n<td style=\"text-align: center;\">3.12x<\/td>\n<td style=\"text-align: center;\">6.73x<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Aug 06, 2021<\/td>\n<td style=\"text-align: center;\">95.27x<\/td>\n<td style=\"text-align: center;\">213.06x<\/td>\n<td style=\"text-align: center;\">39.36x<\/td>\n<td style=\"text-align: center;\">4.70x<\/td>\n<td style=\"text-align: center;\">116.68x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"font-size: 18px; background-color: #7e7d7d; padding-left: 5px; margin-top: 10px; margin-bottom: 10px;\"><span id=\"faq\" class=\"sta-anchor \" aria-hidden=\"true\"><span style=\"color: #ffffff;\">Devyani International Limited IPO Faqs:<\/span><\/span><\/h2>\n<h3 style=\"font-size: 16px;\">When will the Devyani International Limited IPO open?<\/h3>\n<p><a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/small-cap\/sector\/consumer-food\/devyani-international\/company-info\"><strong>Devyani International Limited<\/strong><\/a> IPO will open for subscription on Wednesday, August 4, and will close on Friday, August 6.<\/p>\n<h3 style=\"font-size: 16px;\">What is the price band of Devyani International Limited IPO?<\/h3>\n<p>The price band for Devyani International limited IPO is Rs. 86-90.<\/p>\n<h3 style=\"font-size: 16px;\">What is the lot size for Devyani International Limited IPO?<\/h3>\n<p>Retail investors can subscribe to the IPO minimum lot size is 165 shares, up to a maximum of 13 lots i.e. Rs. 1,93,050.<\/p>\n<h3 style=\"font-size: 16px;\">What is the issue size of Devyani International Limited IPO?<\/h3>\n<p>The total issue size is ~ Rs. 1,838 Cr.<\/p>\n<h3 style=\"font-size: 16px;\">What is the quota reserved for retail investors in Devyani International Limited IPO?<\/h3>\n<p>The quota for retail investors in Devyani International limited IPO is fixed at 10% of the net offer.<\/p>\n<h3 style=\"font-size: 16px;\">When will the basis of allotment be out?<\/h3>\n<p>Allotment will be finalized on August 11<sup>th<\/sup> and refunds will be initiated by August 12<sup>th<\/sup>. Shares allotment will be credited in Demat accounts by August 13<sup>th<\/sup>.<\/p>\n<h3 style=\"font-size: 16px;\">What is the listing date of Devyani International Limited IPO?<\/h3>\n<p>The tentative listing of Devyani International limited IPO is August 16<sup>th<\/sup>.<\/p>\n<h3 style=\"font-size: 16px;\">Where could we check the Devyani International Limited IPO allotment?<\/h3>\n<p>One can check the subscription status on <a href=\"https:\/\/linkintime.co.in\/MIPO\/Ipoallotment.html\" target=\"_blank\" rel=\"noopener\"><strong>Link Intime India Private Ltd<\/strong><\/a>.<\/p>\n<h3 style=\"font-size: 16px;\">Who are the leading book managers to the issue?<\/h3>\n<p>Kotak Mahindra Capital Company Ltd, CLSA India Pvt Ltd, Edelweiss Financial Services Ltd, and Motilal Oswal Investment Advisors Ltd are the book running lead managers for Devyani International Limited<\/p>\n<h3 style=\"font-size: 16px;\">What does Devyani International limited do?<\/h3>\n<p><a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/small-cap\/sector\/consumer-food\/devyani-international\/company-info\"><strong>Devyani International Limited<\/strong><\/a> is the largest franchisee of Yum Brands in India and is among the largest chain operators of quick-service restaurants (\u201cQSR\u201d) in India on a non-exclusive basis<\/p>\n<h3 style=\"font-size: 16px;\">Who are the peers of Devyani International limited?<\/h3>\n<p><a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/large-cap\/fmcg\/consumer-food\/jubilant-foodworks\/company-info\">Jubilant Foodworks<\/a>, <a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/mid-cap\/sector\/hotel-resort-restaurants\/burger-king-india\/company-info\">Burger King<\/a>, and <a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/mid-cap\/fmcg\/finance-others\/westlife-development\/company-info\">Westlife Developers<\/a> (McDonald&#8217;s) are peers of <a href=\"https:\/\/www.moneyworks4me.com\/indianstocks\/small-cap\/sector\/consumer-food\/devyani-international\/company-info\">Devyani International Limited<\/a>.<\/p>\n<h3 style=\"font-size: 16px;\">What if I do not get the allotment?<\/h3>\n<p>If you do not get an allotment of this IPO we recommend you to check out our\u00a0<a href=\"https:\/\/www.moneyworks4me.com\/moneyworks4me-pro\/equity-portfolio\/\"><strong>MoneyWorks4me PRO solution<\/strong><\/a>\u00a0which provides you with exhaustive research-backed recommendations on strong companies, mutual funds, and index funds. You get all this for a price which can be as low as Rs. 4,999. The MoneyWorks4me PRO provides a guide to building a strong portfolio for beginners to become PRO.<\/p>\n<p><a href=\"https:\/\/youtu.be\/nNIfoB-Rcro\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-16440 \" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals..jpg\" alt=\"Are you afraid to invest in stock Watch this video to invest successfully to reach your goals.\" width=\"742\" height=\"139\" srcset=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals..jpg 800w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals.-600x113.jpg 600w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals.-150x28.jpg 150w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals.-768x144.jpg 768w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals.-270x51.jpg 270w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals.-370x69.jpg 370w, https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2021\/06\/Are-you-afraid-to-invest-in-stock-Watch-this-video-to-invest-successfully-to-reach-your-goals.-740x139.jpg 740w\" sizes=\"(max-width: 742px) 100vw, 742px\" title=\"\"><\/a><\/p>\n<h2 style=\"font-size: 18px; background-color: #7e7d7d;\"><span id=\"recent-ipo\" class=\"sta-anchor \" aria-hidden=\"true\"><span style=\"color: #ffffff;\">\u00a0Recent IPOs:<\/span><\/span><\/h2>\n<div id=\"footable_parent_16594\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent bootstrap3 \">\n                <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"16594\" data-filter-delay=\"1000\" aria-label=\"recent ipo_02082021( Read more )\"            id=\"footable_16594\"\n           data-unique_identifier=\"ninja_table_unique_id_547581888_16594\"\n           class=\" foo-table ninja_footable foo_table_16594 ninja_table_unique_id_547581888_16594 table  nt_type_ajax_table table-striped table-bordered table-hover table-condensed vertical_centered  footable-paging-right ninja_table_search_disabled\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                            <col class=\"ninja_column_4 \">\n                            <col class=\"ninja_column_5 \">\n                    <\/colgroup>\n            <\/table>\n    \n    \n    \n<\/div>\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/ipo-historical-table\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">Click here<\/span><\/strong><\/a><strong><span data-preserver-spaces=\"true\">, for the Recent IPO complete list and IPO Historic data 2021.<\/span><\/strong><\/p>\n<p>If you liked what you read and would like to put it into practice Register at MoneyWorks4me.com. 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And more<\/b><b>\u2026.<\/b><b>Puchho<\/b> <b>Befikar<\/b><\/span><\/p>\n<div class=\"puchhoBefikarIcon\"><img decoding=\"async\" loading=\"lazy\" class=\"\" src=\"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-content\/uploads\/2018\/05\/puchho-befikar-logo.png\" width=\"59\" height=\"46\" alt=\"\" title=\"\"><\/div>\n<p><b><i>Kyunki<\/i><\/b> <b><i>yeh<\/i><\/b> <b><i>paise<\/i><\/b> <b><i>ka<\/i><\/b> <b><i>mamala<\/i><\/b> <b><i>hai<br \/>\n<\/i><\/b><a href=\"https:\/\/www.youtube.com\/watch?v=iqqbuJbMlk4 \" target=\"_blank\" rel=\"noopener\">Why MoneyWorks4me<\/a> | Call: <a href=\"tel:+91 20 6725 8333\">020 6725 8333<\/a> | WhatsApp: <a href=\"https:\/\/api.whatsapp.com\/send?phone=918055769463&amp;text=Need%20any%20help?\" target=\"_blank\" rel=\"noopener\">8055769463<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Devyani International IPO Details: IPO Date:\u00a0August 4th\u00a0to August 6th, 2021 Total Shares for subscription:\u00a020.4 Crore IPO Size:\u00a0Rs. 1,838 Cr Lot Size:\u00a0165 shares Price Band:\u00a0Rs. 86-90\/share Market Cap:\u00a0Rs. 10,823 Cr Recommendation:\u00a0Subscribe\u00a0for listing gains Purpose of Devyani International IPO To make repayment\/ prepayment of borrowings fully or partially General corporate purposes About Devyani International Limited Incorporated in [&hellip;]<\/p>\n","protected":false},"author":2882,"featured_media":16600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[1166,822],"tags":[1393,1394,141,1336],"modified_by":"MoneyWorks4me","_links":{"self":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/16593"}],"collection":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/users\/2882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/comments?post=16593"}],"version-history":[{"count":0,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/posts\/16593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/media\/16600"}],"wp:attachment":[{"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/media?parent=16593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/categories?post=16593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moneyworks4me.com\/investmentshastra\/wp-json\/wp\/v2\/tags?post=16593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}