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market | IST

Sapphire Foods makes strong debut on bourses; KFC, Pizza Hut operator lists at 14% premium

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Shares of Sapphire Foods India, operator of KFC and Pizza Hut, made a strong debut on bourses on Wednesday. Sapphire Foods opened for trading at Rs 1,311, up 11.10 percent or Rs 131 per share from the issue price of Rs 1,180 per share. At the time of listing, the company had a market capitalisation of Rs 8,330.43 crore.

Shares of Sapphire Foods India, operator of KFC and Pizza Hut, made a strong debut on bourses on Thursday. Shares were listed at a 14 percent premium at Rs 1,350 per share on the NSE against the IPO issue price of Rs 1,180.
The stock listed at Rs 1,311 on BSE and then rose 17 per cent to hit an intraday high of Rs 1,383.60. The market capitalisation of the firm rose to Rs 8,305.65 crore on BSE.
Sapphire Foods joined the secondary market at the same time as Paytm. The Sapphire IPO, which was offered for bidding from November 9 to November 11, was subscribed 6.6 times.
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The original share sale of Sapphire Foods India was solely an offer for sale (OFS) by promoters and current shareholders. In the qualified institutional buyer (QIB) category, the IPO was subscribed 7.5 times, while in the non-institutional investor category, it was subscribed 3.5 times. The limit set up for retail investors was filled 8.7 times.
Sapphire Foods is one of YUM's franchisee operators in the Indian subcontinent, as well as Sri Lanka's largest foreign QSR (quick-service restaurant) chain in terms of revenue for the financial year FY21 and the number of stores operating as of March 2021. In addition, the corporation has a presence in the Maldives.
The company posted a loss of Rs 99.89 crore in FY21 as against a loss of Rs 159.25 crore a year before and the revenue from operations in the same period declined to Rs 1,019.62 crore from Rs 1,340.41 crore because of the COVID crisis.