Sapphire Foods IPO Subscribed 49% On Day 1
The initial public offering of Sapphire Foods India Ltd., the local partner of Yum! Brands, ended with 49% subscription on Tuesday.
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.
Subscription Details: Day 1
The IPO was subscribed 0.49 times or 49% as of 5 p.m. on Nov. 9.
Institutional investors: 0.02 times.
Non-institutional investors: 0.05 times.
Retail investors: 2.56 times.
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