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Home / Markets / Stock Markets /  Devyani International shares make a strong debut, Krsnaa Diagnostics sees tepid listing

Devyani International, the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India, made its stock market debut on Monday with its shares listing at 140.9 per share on the NSE, a 56% premium over its issue price of 90. Meanwhile, Krsnaa Diagnostics shares listed at over 5% premium at 1,005.5 per share on the NSE from issue price of 954 apiece. Windlas Biotech listed at a 5% discount whereas Exxaro Tiles rose 5%.

The initial public offer (IPO) of Devyani International closed on August 6 and was subscribed a whopping 116.71 times on the closing day of subscription. The 1,838-crore IPO received bids for 13,13,77,91,700 shares against 11,25,69,719 shares on offer. Ahead of its IPO, the company mobilized 825 crore from anchor investors.

The quick service restaurant (QSR) company's IPO consist of a fresh issue of 440 crore and an offer for sale (OFS) of upto 155.33 million shares by shareholders and promoters. Proceeds from the fresh issue will be used to retire debt and general corporate purposes.

Devyani International is the largest franchisee of Yum Brands, operating core brands such as Pizza Hut, KFC, Costa Coffee besides its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar. It is among the largest operators of chain quick service restaurants (QSR) in India, on a non-exclusive basis, and operates 735 stores across India, Nepal and Nigeria as of June 30, 2021. Devyani International is an associate company of RJ Corp, the largest bottling partner of food and beverages (F&B) major PepsiCo, led by Ravi Kant Jaipuria, promoter of RJ Corp and Virag Joshi, President and CEO.

 

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