KFC Sapphire Foods IPO subscribed 30% on day 1; retail investors booked 1.61 times
As per the National Stock Exchange of India Limited (NSE) data, the IPO received bids for 28.70 lakh equity shares against an offer size of 96.63 lakh.
- Republic Business
- 2 min read
;'%3e%3cpath%20d='m8,15.99c4.41,0,7.99-3.58,7.99-7.99S12.41,0,8,0,0,3.59,0,8s3.58,7.99,7.99,7.99Z'%20style='stroke:%23fff;%20stroke-miterlimit:10;%20stroke-width:.02px;'/%3e%3cpath%20d='m3.08,3.37l3.82,5.11-3.84,4.15h.87l3.37-3.64,2.72,3.64h2.94l-4.04-5.39,3.58-3.87h-.86l-3.1,3.35-2.5-3.35h-2.94Zm1.27.64h1.35l5.97,7.99h-1.35l-5.97-7.99Z'%20style='fill:%23fff;'/%3e%3c/g%3e%3c/svg%3e){kind=small}
One of the largest restaurant operators in India, Sapphire Foods India IPO witnessed 30 percent subscription on the first day of bids. As per the National Stock Exchange of India Limited (NSE) data, the IPO received bids for 28.70 lakh equity shares against an offer size of 96.63 lakh. The price band for the IPO of Sapphire Foods India has been fixed at Rs 1,120 to 1,180 per equity share.
The portion reserved for retail investors was subscribed 1.61 times, while the non-institutional investors' category was subscribed 2 per cent. Qualified institutional buyers have put in bids for 960 equity shares against the portion of 52.7 lakh shares reserved for them.
About Sapphire Foods India Ltd
Sapphire Foods India Ltd. was set up in the year 2015 by the acquisition of about 250 KFC and Pizza Hut Stores in India and Sri Lanka. Over 200 KFC restaurants are owned by the company in India and the Maldives. They also own about 230 Pizza Hut restaurants in India, Maldives, and Sri Lanka. The company is one of the largest franchisees of Yum Brands Inc. in the subcontinent that operate about 400 Pizza Hut, KFC, and Taco Bell restaurants across India, Maldives, and Sri Lanka.
The company functions with vendor partners for food ingredients, packaging, warehousing, and logistics and has an in-house supply chain function and. Across five Indian cities, the company operates warehouses and has invested in building technology solutions in their restaurants. Further, to enhance customer experience and achieve operational efficiency and financial control, the company has employed the YUM brand's global online and digital channel solutions.