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KFC, the operator of Pizza Hut Sapphire Foods files IPO documents with Sebi, Retail News, ET Retail

By on August 11, 2021 0

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New Delhi: Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, has filed draft documents with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The initial sale of the shares will be entirely an offer for sale (OFS) of 17,569,941 shares by existing promoters and shareholders, according to the Draft Red Herring Prospectus (DRHP).

As part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will discharge 55.69 lakh shares, WWD Ruby Ltd will sell 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will discharge 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will sell 6.46 lakh shares.

Sapphire Foods, an omnichannel catering operator and Yum Brands’ largest franchisee in the Indian subcontinent, is backed by renowned investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

As of March 31, 2021, Sapphire Foods owned and operated 204 KFC restaurants in India and the Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and two Taco Bell restaurants in Sri Lanka.

Devyani International, which is the other franchisee of Yum! Brands in India, operates 297 Pizza Hut stores and 264 KFC stores. It launched its IPO for Rs 1,838 crore last week.

On Monday, Sapphire Foods announced that it had raised Rs 1,150 crore through a mix of primary and secondary rounds of private equity funds led by Creador, NewQuest Capital Partners and TR Capital.

JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the lead managers of the company’s public offering. The company’s shares will be listed on BSE and NSE.

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