Sapphire Foods IPO: Price band fixed at Rs 1,120-1,180 per share; check out more details

The price band for the initial public offering (IPO) of Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, has been fixed at Rs 1,120 to Rs 1,180 per share. The IPO will open on November 9 and close on November 11.
 
Bids can be made for a minimum of 12 equity shares and in multiples of 12 shares thereafter. The company is planning to list on the bourses on November 22.
 
Not more than 10 per cent of the offer will be available for allotment to retail investors. The IPO comprises of an offer for sale (OFS) of up to 1.75 crore equity shares by the promoters and existing shareholders of the company.
 
As a part of the OFS, promoters QSR Management Trust and Sapphire Foods Mauritius Ltd will sell 8.50 lakh and 55.69 lakh shares, respectively. Meanwhile, existing shareholder WWD Ruby Ltd will divest 48.46 lakh shares, while Amethyst will offer 39.62 lakh shares.
 
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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 per cent stake in the company, while WWD Ruby holds an 18.79 per cent stake. QSR Management Trust has a 5.96 per cent stake in the company.
 
Sapphire Foods had filed its draft papers with markets regulator SEBI in August. The omni-channel 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 Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and 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.

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