Devyani International share price got a boom of 56% from the initial listed price in the stock market.
Devyani International is the largest franchisee of fast food majors Pizza Hut, KFC, and Costa Coffee in India got listed in the stock market today at a price of 90 rupees which eventually got increased to 141 rupees per share.
Devyani International started its journey with one store in 1997, which successfully expanded to 735 stores today among 26 states and three union territories in India. It is known for the YUM brand. The company operates in different brands like KFC, Pizza hut, and costa coffee in India and international markets. Franchisees like Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar in India are owned by Devyani international.
Around 9.97 crore shares of Devyani International were traded on the National Stock Exchange during the first half-an-hour of trade, whereas 42.68 lakh shares were exchanged over hands at Bombay Stock Exchange.
The franchise raised over Rs 1,838 crore from the Initial Public Offering, which was a mix of a fresh issue of equity shares worth around 440 crores and the remaining an offer for sale (OFS) by existing shareholders of the company.
Post issue of the shareholding of the promoter group in the company has been dropped to 65.2% from the 75.8% earlier while public shareholding has been increased to 34.8% from 24.2% earlier. QIB had subscribed to the IPO 95.27 times the portion reserved for them. Non-Institutional Investors had bid for 213 times their portion while retail investors subscribed to the IPO 39.48 times the portion reserved for them.
It is really happy moment for the investors as there is a hike of 56% from listed price. Let’s hope Devyani International Limited grows its revenue at a CAGR of 41.7 percent to Rs 842 crore over the period FY21-24.