The KFC, Pizza Hut, and Costa Coffee operator Devyani International's initial public offering (IPO) was subscribed 33 percent so far on August 4, the first day of bidding.

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According to subscription data available on exchanges, the offer has received bids for 3.71 crore equity shares against the IPO size of 11.25 crore equity shares. After raising Rs 824.87 crore from anchor investors on August 3, the IPO size was lowered to 11.25 crore equity shares from 20.42 crore equity shares.

The reserved portion for retail investors was subscribed 1.78 times, while the reserved share for employees was subscribed 11 percent.

The portion set aside for non-institutional investors saw a subscription of seven percent and qualified institutional buyers have put in bids for 1.1 lakh equity shares against their reserved portion of 6.11 crore equity shares.

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The price band for the IPO has been fixed at Rs 86-90 per share. At the higher end of the issue price, the company seeks post-listing m-cap at Rs 10,820 crore.

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.

Also Read: Devyani International IPO: Pizza Hut operator to launch offering today; key things to know

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