Sapphire Foods India Seeks SEBI Approval For IPO

A food order sits on a counter at a KFC restaurant. (Photographer: Qilai Shen/Bloomberg)

Sapphire Foods India Seeks SEBI Approval For IPO

Sapphire Foods India Ltd. has sought the market regulator’s approval for an initial public offering, as the operator of KFC, Pizza Hut and Taco Bell in India, Maldives and Sri Lanka aims to join quick-service restaurant chain peers in what may be a record year for maiden offers.

The IPO by the franchisee of Yum! Brands Inc. is an offer-for-sale of 1.75 crore shares, according to a copy of its draft red herring prospectus released on the website of issue manager ICICI Securities.

The selling shareholders, according to the DRHP filed with the Securities and Exchange Board of India, include:

  • Sapphire Foods Mauritius: 55.6 lakh shares.

  • QSR Management Trust: 8.5 lakh shares.

  • Investors WWD Ruby Ltd.: 48.5 lakh shares.

  • Amethyst Pvt.: 39.6 lakh shares.

  • Edelweiss Crossover Opportunities Fund: 16.2 lakh shares.

Also read: TPG-Backed PharmEasy Owner Mulls $1 Billion Mumbai IPO

Sapphire Foods Mauritius holds 46.5% stake in the company, while WWD Ruby Ltd. has 18.77%.

JM Financial, BofA Securities India, and IIFL Securities are the other managers for the issue.

This comes a week after Devyani International Ltd., another franchisee owner of KFC, Pizza Hut and Costa Coffee in India, launched its maiden offer that was subscribed 116.71 times.

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