Home / Markets / Stock Markets /  Sapphire fixes IPO price band

MUMBAI : apphire Foods India Pvt. Ltd, one of the leading operators of KFC and Pizza Hut outlets in the country, on Tuesday set the price band for its initial public offering (IPO) at 1,120 to 1,180 per share.

The IPO will open on 9 November and close on 11 November, with shares expected to start trading on 22 November.

The Samara Capital-backed company’s IPO consists of an offer for sale (OFS) of 17.57 million shares by existing shareholders and promoters. The OFS comprises up to 850,000 shares by QSR Management Trust, 5.57 million shares by Sapphire Foods Mauritius Ltd, 4.85 million shares by WWD Ruby Ltd, 3.96 million by Amethyst Pvt. Ltd, 80,169 shares by AAJV Investment Trust, 1.62 million shares by Edelweiss Crossover Opportunities Fund and 646,000 shares by Edelweiss Crossover Opportunities Fund Series II.

At the upper end of the price band, the company will raise a total of 2073.35 crore.

Currently, Sapphire Foods Mauritius holds 46.53% stake in the firm, QSR Management Trust 5.96%, WWD Ruby 18.79%, Amethyst 6.67%, AAJV Investment Trust 0.14%, and Edelweiss Crossover Opportunities Fund 6.83%. JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the lead managers to the issue.

Sapphire Foods is the largest franchisee of Yum Brands in the Indian subcontinent, backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. The franchisee arrangement with Yum Brands allows the company to operate on a non-exclusive basis, under the KFC, Pizza Hut and Taco Bell brands across India, Sri Lanka and Maldives.

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