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Sapphire Foods IPO fully subscribed on Day 2

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Sapphire Foods' IPO was fully subscribed on Wednesday, the second day of the bidding process. The issue is entirely an offer for sale (OFS) by promoters and existing shareholders.

Sapphire Foods IPO fully subscribed on Day 2
Sapphire Foods India's initial public offering (IPO) was fully subscribed on Wednesday, the second day of the bidding process. The IPO - which is entirely an offer for sale (OFS) by promoters and existing shareholders - will close on Thursday, November 11. Sapphire Foods India is an operator of KFC and Pizza Hut outlets in the country.
By the end of the day, the Sapphire Foods IPO received bids for a total of more than one crore shares as against the 96.6 lakh shares on offer - a subscription of 1.1 times.
The portion reserved for retail investors was subscribed 5.4 times, and that for non-institutional investors 29 per cent. The quotas for qualified institutional buyers (QIBs) saw subscription of three per cent.
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At the end of the first day, the Sapphire Foods IPO was subscribed 49 percent, receiving bids for 47.1 lakh shares.
Shares are available for bidding under the Sapphire Foods IPO in a price band of Rs 1,120-1,180. Potential investors can bid for Sapphire Foods shares in multiples of 12 under the initial share sale.
At the upper end of the price band, one lot of the shares of the KFC chain operator will cost Rs 14,160.
The company 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.
On Monday, Sapphire Foods said it had raised Rs 933 crore by allocating 79.1 lakh equity shares to 53 anchor investors at Rs 1,180 apiece.
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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