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KFC, Pizza Hut Franchisee Plans Rs 400 Crore IPO In India

Approval to go public have been sought by operator of Pizza Hut and KFC in India from the market regulator.

Rs 400 Crore IPO By Devyani International
According to a draft red herring prospectus, fresh equity shares worth up to Rs 400 crore shall be offered by Devyani International Ltd. in addition to the offer-for-sale of 12.5 crore equity shares by Dunearn Investments (Mauritius) Pte. Ltd.

Dunearn Investments (Mauritius) Pte. Ltd. is an arm of private equity firm Temasek and its promoter RJ Corp Ltd.—in its initial public offering.

The pricing in the offer document filed with the regulator has not been disclosed by the company.

The Group, Its Presence & Recent Performance
Brands such TacoBell and coffee chain Costa Coffee as well as Brands in F&B Vaango and Food Street are operated by Devyani International in India

Out of the money raised by the IPO, plans are to pay the debt worth Rs 357.8 crore, remaining proceeds from the same are to be used for general corporate purposes.

With a presence in 26 states and three union territories, a total of 264 KFC, 297 Pizza Hut and 44 Costa Coffee stores are operated by the company across India as on March 31, 2021.

In FY21, the revenue of the group fell 25% to Rs 1,134.84 crore.

Also a year earlier the losses were at Rs 121.4 crore which in turn were narrowed down to Rs 63 crore.

Kotak Investment Banking, CLSA India Pvt. Ltd., Edelweiss Financial Services Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers of the IPO.

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