Devyani International, whose Rs 1,838-crore IPO received a whopping 116.71 times subscription, is likely to finalise share allotment on Wednesday, 11 August 2021. In the primary market, Devyani International, the largest franchisee of Pizza Hut, KFC, and Costa Coffee, shares were quoting at a premium of Rs 61, over the IPO price of Rs 90 apiece. Devyani International shares were trading at Rs 151 apiece in the grey market, a 68 per cent premium over the issue price, according to the people who deal in unlisted shares of the companies. Devyani International has its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrushh Juice Bar.
Devyani International stocks are expected to make their stock market debut on 16 August 2021. The initiation of refunds or unblocking of funds from the ASBA account will take place on 12 August, and the equity shares will be credited to depository accounts of allottees on 13 August. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites. The registrar of the issue is Link Intime India Pvt Ltd, a SEBI-registered entity, responsible for the IPO allotment and refund processing.
Devyani International is an associate company of RJ Corp, the largest bottling partner of food and beverages (F&B) major PepsiCo, and has interests in the Indian retail F&B sector. At the higher end of the price band, Devyani International IPO is priced at a Price/ Sales ratio of 9.54 times on a post-issue fully diluted basis (based on FY21 sales). This is lower compared to its listed peers Jubilant Foodworks (12.88 times), Burger King (14.92 times) and Westlife Development (9.81 times), SEBI-registered investment advisor INDmoney said in a report.