.jpg?w=801&auto=format%2Ccompress&fit=max&format=webp&dpr=1.0 "Sapphire Foods To Open For IPO On November 9")
Franchise owner of Yum Brands' KFC and Pizza Hut chain in the country, Sapphire Foods India said it will open for public subscri🗹ption on November 9. The three-day initial public offering would close on November 11, as per the company's red herring prospectus.
Market source꧅s inform PTI th♏at IPO is expected to fetch Rs 1,500- 2,000 crore.
The company's equity shares▨ would be listed on both BSE and NSE.
The initial share sale would be entirely an offer-for-sale (OFS) of about 1.75 crore equity shares by the promoter and existing shareholders. As part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius will offload 55.69 lakh shares, WWD Ruby will divest 48.46 lakh shares and Amethyst will offl🐟oad 39.62 lakh shares.
In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunitie🔜s Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.
Restaurant operator Sapphire Foods operates the larg🅷est franchisee of Yum Brands in the country and is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.
It operated 204 KFC restaurants in India and Maldives, 231 Pizz♎a Hut outlets in India, Sri Lanka and the Maldives, and 2 Taco Bell restaurants in Sri Lanka.
Devyani International, which is the other franchisee of Yum! Brands in India operates 297 Pizza Hut store🍒s and 264 KFC stores. It launched its Rs 1,838-crore IPO i♔n August.
(With inputs from PTI)
