Sapphire Foods India IPO subscribed 6.62 times

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The initial public offer (IPO) of Sapphire Foods India received bids for over 6,39,45,000 shares as against 96,63,468 shares on offer, according to stock exchange data at 17:00 IST on Thursday. The issue was subscribed 6.62 times.

The IPO opened for bidding on 9 November and it will close on 11 November. The price band is set at Rs 1120 to Rs 1180.

Ahead of the IPO, Sapphire Foods finalized allocation of 79,06,473 equity shares to anchor investors at Rs 1,180 per equity share, aggregating to Rs 932.96 crore.

The IPO is a complete offer for sale of shares worth Rs 2,073.25 crore by existing shareholders – Sapphire Foods Mauritius, QSR Management Trust, WWD Ruby, Amethyst, AAJV Investment Trust, Edelweiss Crossover Opportunities Fund and Edelweiss Crossover Opportunities Fund- Series II.

The company will not directly receive any proceeds from the offer, and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by them.

The promoters of the company are Ravi Sapphire Foods Mauritius and QSR Management Trust.

The promoters and promoter group held an aggregate of 38,173,680 equity shares, aggregating to 60.08% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 49.97%.

Sapphire Foods is one of YUM’s franchisee operators in the Indian subcontinent. The company is also Sri Lanka’s largest international QSR chain in terms of revenue for the financial year 2021 as also number of restaurants operated as of 31 March 2021. As of 30 June 2021, company owned and operated 209 KFC restaurants in India and the Maldives, 239 Pizza Hut restaurants in India, Sri Lanka, and the Maldives, and 2 Taco Bell restaurants in Sri Lanka.

The company reported a net loss of Rs 26.09 crore and sales of Rs 303.05 crore in the three months ended on 30 June 2021.

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