Sapphire Foods has submitted its draft red herring prospectus to SEBI to launch its primary market (IPO) offering. This comes days after Devyani International, another franchisee of the KFC, Pizza Hut and Costa Coffee fast service restaurant chain, raised Rs 1,838 crore through an offering in the primary market. Shares of Sapphire Foods are likely to be listed on the BSE and NSE.
The Sapphire Foods IPO will be a full sale offering of 1,75,69,941 shares by existing shareholders, including QSR Management Trust (QMT), Sapphire Foods Mauritius, Edelweiss Crossover Opportunities Fund and Edelweiss Crossover Opportunities Fund – Series II.
On Monday, Sapphire Foods raised Rs 1,150 crore from private equity investors viz. Creator, NewQuest Capital Partners and TR Capital.
Sapphire Foods is backed by major investors, Samara Capital, Goldman Sachs, CX Partners, Creador and Edelweiss. It operates 437 restaurants under the KFC, Pizza Hut and Taco Bell brands in India, Sri Lanka and the Maldives.
Meanwhile, Devyani International’s IPO of Rs 1,838 crore was subscribed 116.71 times, which included a new issue of Rs 440 crore and a sale offer of Rs 1,398 crore by existing investors. And the shares are likely to be listed on the exchanges on Aug. 4.
JM Financial, BofA Securities India, ICICI Securities and IIFL Securities are the book running lead managers for Sapphire Foods’ IPO.