A third person also confirmed both the likely dates . All the three individuals above spoke to Moneycontrol on the condition of anonymity. Moneycontrol has sent an email query and could not immediately elicit a comment from the firm and its backers. The shares of listed peers Burger King & Barbeceu Nation have risen by 26 per cent and 27 per cent respectively in the last 3 months. The listing plans of Devyani International were first reported by Moneycontrol on February 19, 2021. Read: KFC, Pizza Hut, Costa Coffee operator Devyani International to join QSR IPO wave; backed by restaurant giant Yum! Brands According to it’s DRHP filing, the IPO is a mixture of primary and secondary issue of shares with a fresh issue component of Rs 400 crore and an OFS (offer for sale) component up to 125,333,330 equity shares. Kotak Mahindra Capital, Edelweiss Financial Services, CLSA and Motilal Oswal are the investment banks working on the deal. Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas are the legal advisors according to the DRHP.
In a related development, on December 18, 2020, Moneycontrol had also reported the 2021 listing plans of another restaurant operator Sapphire Foods, which backs KFC, Pizza Hut and Taco Bell and counts Goldman Sachs and Samara Capital as its investors.
Also Read: Exclusive | KFC, Pizza Hut operator Sapphire Foods eyes 2021 IPO; backed by Goldman Sachs, Samara Capital
FOOD FOR THOUGHT!
Besides operating core brands such as Pizza Hut, KFC and Costa Coffee, Devyani International also has its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar having 692 stores in 26 states across 155 cities in India, as well as, internationally in Nepal and Nigeria.
The firm, which has 9.356 employees, commenced its relationship with Yum in 1997 with its first Pizza Hut store in Jaipur, it’s also a franchisee of the Costa Coffee brand and currently operates 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee as on March 31, 2021 in India. Between March 2019-2021 the core brand stores saw a CAGR growth of 13.58% from 469 stores to 605 stores.
In FY21 Devyani’s business from the core brands (India & Internationally) accounted for 94.19% of its revenues from operations and delivery sales represented 70.20% of the said revenues, an increase from 51.15% in FY20. The company said recently that despite the pandemic, it has continued to expand its store network and has opened 109 stores across its core brand business in the last 6 months.