KFC, Pizza Hut operator Sapphire Foods' IPO to open on Nov 9, check out details

KFC and Pizza Hut outlets operator Sapphire Foods India Ltd is going to come out with its initial public offering (IPO) on November 9. 

The issue will close on November 11 with the firm planning to list on the bourses on November 22. 

Sapphire Food India's IPO comprises a pure offer for sale (OFS) for 17.57 million shares by existing shareholders and promoters.

Also Read: KFC, Pizza Hut operator Sapphire Foods files IPO papers

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

Sapphire Foods Mauritius currently has a 46.53% stake in the company, WWD Ruby holds an 18.79% stake, and QSR Management Trust has a 5.96% stake.

JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the lead managers to the company's public issue. The equity shares of the company will be listed on BSE and NSE.

Sapphire Foods India, which filed its draft papers with markets regulator SEBI in August, has received capital markets regulator Sebi's nod to raise funds through IPO.

Also Read: Pizza Hut partners HUL to add Kwality Wall's ice cream, desserts in menu

Sapphire Foods, an omnichannel restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

As of March 31, 2021, Sapphire Foods owned and operated 204 KFC restaurants in India and the Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and two Taco Bell restaurants in Sri Lanka.

Devyani International, which is the other franchisee of Yum! Brands in India operates 297 Pizza Hut stores and 264 KFC stores. It had launched its Rs 1,838-crore IPO in August.