Pizza Hut, KFC, and Costa Coffee operator Devyani International has filed a draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,400 crores through an initial public offering (IPO). The company has yet to disclose the pricing in the offer document filed with the regulator.

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The IPO consists of a fresh issue of equity shares worth Rs 400 crores and an offer-for-sale of 12.5 crores. The Mauritius based Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will sell 6.5 crore shares and promoter RJ Corp will offer 6 crore shares, according to the draft red herring prospectus.

Investment Bankers appointed for the issue are Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors.

DIL opened its first Pizza Hut store in Jaipur in 1997.

Devyani International operates 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee outlets in India. It is also the largest franchisee of Yum Brands that manages the franchises of Pizza Hut, KFC and Taco Bell. DIL also runs other popular food outlets like Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar.

In the fiscal year 2021 the company’s core brands accounted for 94.19 percent of its revenues from operations. It is the single largest quick service restaurant (QSR) company in India to be listed on food delivery platform Swiggy in 2019. It was also amongst the large QSR companies in India to be listed on the Zomato platform in 2020.