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    Devyani International IPO subscribed 4.32 times so far on Day 2

    Devyani International IPO subscribed 4.32 times so far on Day 2

    Devyani International IPO subscribed 4.32 times so far on Day 2
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    By Akanksha Upadhyay   IST (Updated)

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    The Rs 1,838 crore initial public offering (IPO) by Devyani International was subscribed 3.02 times so far on Thursday, the second day of the bidding process. 

    The Rs 1,838 crore initial public offering (IPO) by Devyani International was subscribed 4.32 times so far on Thursday, the second day of the bidding process.
    According to subscription data available on exchanges, the retail portion has been fully subscribed at 17.76 times as of 1:30 pm. The non-institutional investors (NII) category booked 2.45 times and QIBs (qualified institutional buyers) 0.79 times whereas the employees' portion was booked 1.87 times as of now, BSE data showed.
    The price band for the IPO was fixed at Rs 86-90 per share. At the higher end of the issue price, the company seeks a post-listing m-cap at Rs 10,820 crore.
    The offer saw a healthy demand and subscription from investors as it was fully subscribed on the first day of the bidding process.
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    The offer had received bids for 30.26 crore equity shares against the IPO size of 11.25 crore equity shares. The IPO was scaled back from its previous size of 20.42 crore equity shares to 11.25 crore shares after the firm raised Rs 824.87 crore from anchor investors on August 3, a day before the offer launched. The company allotted 9.16 crore shares to 63 anchor investors.
    The reserved portion of retail investors was subscribed a total of 11.37 times while the QIBs had subscribed to the issue a total of 0.77 times against their reserved portion.
    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.
    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.
     
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