Sapphire Foods Shares End At 2.67% Premium To IPO Price On Market Debut

Shares of Sapphire Foods India Ltd., the local partner of Yum! Brands, gained on market debut.

The stock listed at Rs 1,348 apiece, a 12% premium to its IPO price of Rs 1,180, according to Bloomberg data. It then rose further to Rs 1,380.05, up 17%. The scrip, however, erased its listing gains briefly, hitting an intraday low of Rs 1,160 apiece. It ended its first day at Rs 1,211.55, up 2.67%.

The IPO by the operator of KFC and Pizza Hut stores in the country subscribed 6.62 times on the final day of bidding. It was a pure offer-for-sale by promoters and existing shareholders. Investors bid for shares at Rs 1,120-1,180 apiece. Only the selling shareholders will receive the net proceeds.

The company sought a market valuation of Rs 7,498.02 crore at the upper end of its price band.

The IPO came more than two months after Devyani International Ltd., the other Indian franchisee operator of the world’s biggest restaurant operator, listed on the bourses.