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Devyani International Limited Issue subscribed 6.61 times, Retail portion booked 22.94 on day 2

Posted On: 2021-08-05 23:18:05 (Time Zone: IST)


Devyani International Limited (the "Company"), the largest franchisee of Yum Brands in India, and among the largest operators of chain quick service restaurants ("QSR") in India (Source: Global Data Report), on a non-exclusive basis, operates Pizza Hut, KFC, and Costa Coffee stores, as well as stores of other brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar received bids of 74,40,74,100 shares against the offered 11,25,69,719 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for retail investors was subscribed 22.94 times. While the Qualified Institutional Buyer category was subscribed 1.32 times, the Non-Institutional Investor category was subscribed 6.37 times and Employee Reserved category was subscribed 3.10 times.

The Initial Public Offering of comprises of a fresh issuance of Equity Shares aggregating to Rs. 440 cr by the Company ("Fresh Issue") and an offer for sale of up to 155,333,330 Equity Shares by the selling shareholders and promotors. The Price Band for the Offer has been fixed at Rs. 86 - Rs. 90 per Equity Share. The Bid/Offer period will close on Friday, August 6, 2021.

The Company raised Rs. 825 crore through the Anchor Book. 28 Foreign Portfolio Investors such as Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Monetary Authority of Singapore, Abu Dhabi Investment Council, Government of Singapore, Jupiter Asset Management, Nomura, NS Partners, Neuberger Berman, APG Asset Management, Carmignac, White Oak, Affin Hwang, Alliance Bernstein, Kuwait Investment Authority, Macquarie and 13 domestic investors such as Aditya Birla MF, ICICI Prudential 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 were the participants.

Key brokerage houses like Angel Broking, Prabhudas Liladhar, Nirmal Bang, ICICI Direct HEM Securities have given recommendations of "Subscribe" to the issue for long term perspective while highlighting the key strengths of the company

Devyani International Ltd (DIL) is the largest franchisee of Yum Brands in India and is among the largest chain operators of quick service restaurants ("QSR") in India on a non-exclusive basis, and operates 696 stores across 166 cities in India, as of June 30, 2021.Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell and has a presence globally with more than 50,000 restaurants in over 150 countries, as of December 31, 2020. In addition, Devyani International is a franchisee for the Costa Coffee brand and stores in India. DIL operated 284 KFC stores and 317 Pizza Hut stores and 44 Costa Coffee stores in India as of June 30, 2021. In their Core Brands Business, they had an extensive presence in 26 states and 3 union territories in India as of June 30, 2021

Core brands (KFC, Pizza Hut and Costa Coffee) contribute ~94% to its topline while the rest comes from international operations and other business (own brand such as Vaango & Food Street). The core brands store counts grew at a CAGR of ~14% in the last two years to 605 stores by March 2021. The store count reached 645 by June 2021

The Indian QSR industry has grown at a CAGR of 3% in the last five years to US$40 billion (bn) in 2020. Further, it is likely to grow at a higher rate of ~10% to become ~US$65 bn industry by 2025. Rapid growth in QSR will be aided by increased urbanisation supported by a younger population with rising income levels and excess disposable income. Also, QSR is expected to experience a rise in number of transactions and average transaction amount due to the short service time at an affordable price offered by QSR.

DIL would be able to capture the growth owing to metro lifestyle and outside food habits. This, coupled with the company's cost rationalisation initiatives will help drive profitability in future.

Company Information

Devyani International Limited is the largest franchisee of Yum Brands in India and are among the largest operators of chain quick service restaurants ("QSR") in India (Source: Global Data Report), on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 50,000 restaurants in over 150 countries, as of December 31, 20201. In addition Devyani International Limited is the franchisee for the Costa Coffee brand and stores in India.


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