Sapphire Foods India — an operator of KFC and Pizza Hut outlets in the country — will list its shares on stock exchanges BSE and NSE on Thursday, November 18.

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Sapphire Foods' debut in the secondary market coincides with that of Paytm. The Sapphire IPO, which was open for bidding from November 9 to 11, saw a subscription of 6.6 times.

Sapphire Foods India's initial share sale was entirely an offer for sale (OFS) by promoters and existing shareholders. The IPO saw a subscription of 7.5 times in the qualified institutional buyer (QIB) category, 3.5 times in the non-institutional investor category. The quota reserved for retail investors saw a subscription of 8.7 times.

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Sapphire Foods' IPO received total bids for 6.4 crore shares under the IPO as against the 96.6 lakh shares on offer. Sapphire foods India shares were available for bidding under the IPO in a price band of Rs 1,120-1,180, in multiples of 12.

Sapphire Foods aims to use the proceeds from the IPO to create a public market for its shares and avail the benefits of listing, and promote its brand.

Sapphire Foods shares will be listed on stock exchanges BSE and NSE at 10 am on November 18.

Prior to Sapphire Foods, another KFC and Pizza Hut chain operator Devyani International listed its shares on BSE and NSE. Devyani's shares listed at a premium of around 56 percent each on BSE and NSE. Its IPO was subscribed 116.7 times, receiving bids for 1,313.8 crore shares as against the total issue size of over 11.3 crore.

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Sapphire Foods, a restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

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(Edited by : Sandeep Singh)

First Published:Nov 18, 2021 8:59 AM IST