Can you tell me about the forthcoming IPO of Sapphire Foods? Has the price band for the IPO been fixed?
Answer
Answer
Sapphire Foods operates KFC and Pizza Hut outlets in India. It has fixed the price band for its forthcoming IPO in the range of Rs.1,120 to Rs.1,180 per share. The IPO will open for subscription on 09 November and close on 11 November. The total size of the IPO would approximately be Rs.2,073 crore.
The entire IPO will be by way of offer for sale by the existing investors. The IPO will offer a total of 1,75,69,941 equity shares by early investors and the promoters. Major sellers in the OFS include QSR Management Trust, Sapphire Foods Mauritius, WWD Ruby and Amethyst. In addition, AAJV Investment Trust and Edelweiss Crossover Opportunities Fund will also offload shares in the OFS.
While 75% of the issue will be offered to QIBs, 10% will be reserved for retail and 15% for NIIs. Sapphire Foods, like Devyani International, is an omnichannel restaurant operator and is the biggest franchisee of YUM Brands in the region. It operates a total of 204 KFC restaurants in India and the Maldives, 231 Pizza Hut outlets in India, Sri Lanka and the Maldives as well as 2 Taco Bell outlets in Sri Lanka.