Devyani International's initial public offering (IPO) will open for bidding on August 4 and will close on August 6. Devyani International is the largest franchisee of Yum Brands in India, operates quick service restaurant (QSR) brands such as Pizza Hut and KFC, and its own brands viz. Vango and Food Street. The company hasn't yet revealed the price band of the proposed issue.
The primary market offering will comprise a fresh issue of Rs 440 crore and an offer for sale of 15,53,33,330 shares by existing shareholders. The IPO proceeds will be utilised to retire debt and for general corporate purposes, according to draft red herring prospectus.
Devyani International is led by Ravi Kant Jaipuria, promoter of RJ Corp and Virag Joshi, President and CEO. The company's business consists of KFC, Pizza Hut and Costa Coffee and it operated 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee across India, as of March 2021.
Devyani International's listed peers include Jubilant FoodWorks, Westlife Development and Burger King India.
Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors are the merchant bankers to the IPO.