Investor appetite for the shares of Sapphire Foods India Ltd., the local partner of Yum! Brands, picked up on the second day of the initial public offering.
About 49% of the issue was bought through the first day.
The three-day IPO is a pure offer-for-sale by promoters and existing shareholders, according to the red herring prospectus by the operator of KFC and Pizza Hut stores in the country. Investors can buy shares at Rs 1,120-1,180 apiece. Only the selling shareholders will receive the net proceeds.
The company is seeking a market valuation of Rs 7,498.02 crore at the upper end of its price band.
The IPO comes more than two months after Devyani International Ltd., the other Indian franchisee operator of the world’s biggest restaurant operator listed on the bourses.
Also Read: Sapphire Foods IPO: All You Need To Know
Subscription Details: Day 2
The IPO was subscribed 1.07 times as of 5 p.m. on Nov. 10.
Institutional investors: 0.03 times.
Non-institutional investors: 0.29 times.
Retail investors: 5.38 times.
Research Reports on Sapphire Foods IPO:
Watch BloombergQuint's IPO Adda with Sapphire Foods:
RECOMMENDED FOR YOU
POPULAR