The initial public offering (IPO) of Devyani International, the operator of quick-service restaurants chains like KFC, Pizza Hut, and Costa Coffee continues to receive a strong response from investors. The public issue was subscribed 27 times by 1:30 pm on Friday, the last day of bidding.

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According to subscription data available on exchanges, the retail portion has been fully subscribed at 31.08 times as of 1:30 pm. The non-institutional investors (NII) category booked 51.32 times and QIBs (qualified institutional buyers) 13.55 times whereas the employees' portion was booked 3.87 times as of now, BSE data showed.

The allotment date for Devyani International is August 11. Refunds and share accreditation are expected to take place on August 12 and 13, respectively. In terms of the listing, a preliminary date of August 16 has been set, although this has yet to be verified.

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Devyani International, the largest franchisee of Yum Brands in India, plans to raise Rs 1,838 crore through its public issue that comprised a fresh issue of Rs 440 crore and an offer for sale of Rs 1,398 crore by selling shareholders. The company already mopped up Rs 825 crore from anchor investors at upper price band of Rs 90 per share.

The fresh issue proceeds are going to be used for repaying of debts besides general corporate purposes.

Also Read: Devyani International IPO opens today: Should you subscribe?

In FY21, Devyani’s business from the core brands (India & internationally) - KFC, Costa Coffee & Pizza Hut - accounted for 94.19 percent of revenues from operations. Delivery sales represented 70.20 percent of revenues in FY21. Overall stores at FY21 stood at 605, up from 469 in FY19.