Devyani International collects Rs 825 cr from anchor investors, IPO fully subscribed within 3 hrs

By 1 pm, the issue received bids for 11,50,95,915 shares against the issue size of 11,25,69,719 shares.
  • Nusra Deputy Features Editor

KFC, Pizza Hut and Costa Coffee franchisee Devyani International, on Wednesday announced that it fetched Rs 825 crore from anchor investors.

It has decided to allocate 9.16 crore equity shares to 41 anchor investors at Rs 90 a piece, aggregating to Rs 825 crore, according to a statement.

A total of 28 foreign portfolio investors (FPIs) participated in the anchor book on Tuesday. Some of them were Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Monetary Authority of Singapore, Abu Dhabi Investment Council, Government of Singapore, Jupiter Asset Management, Nomura and Macquarie.

In addition, 13 domestic investors including 6 mutual funds, 6 life insurance companies and one general insurance company participated in the anchor book too.

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These included ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Nippon Life MF, Tata Mutual Fund MF, Sundaram Mutual Fund, Aditya Birla Sunlife, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bajaj Allianz, Max Life Insurance Co and SBI General Insurance.

The initial public offering (IPO) consists of fresh issue of equity shares worth Rs 440 crore and an offer-for-sale of up to 155,333,330 equity shares by promoter and existing shareholder.

Under the offer-for-sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will offload 6,53,33,330 shares and promoter RJ Corp will sell 9 crore shares.

The company has fixed a price band of Rs 86-90 a share for its IPO and at the upper end of the price band, the public issue is expected to fetch Rs 1,838 crore.

The three-day initial share-sale opened for subscription on Wednesday. And, to much surprise the Rs 1,838 crore IPO by Devyani International was fully subscribed in just over three hours of the bidding process.

By 1 pm, the issue received bids for 11,50,95,915 shares against the issue size of 11,25,69,719 shares.