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Devyani International to go public on August 4, fixes IPO band price band at INR 86-90

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Devyani International Ltd, the largest franchisee in India for KFC, Pizza Hut and Costa Coffee earlier announced that its IPO will be open for bidding on 4 August and close on 6 August. The company has fixed the price band of its IPO at INR 86-90 per share.

The offering will consist of a fresh issue worth INR 440 crore and an offer for sale (OFS) of upto INR 15.53 crore shares by existing shareholders. According to the draft red herring prospectus (DRHP), the IPO proceeds will be used to retire debt and for general corporate purposes. The DRHP was filed with SEBI on May 19 this year.

Headquartered in Gurugram, the company is led by Ravi Kant Jaipuria. As of March 2021, the business operated 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee across India. The company’s listed peers include Jubilant FoodWorks, Westlife Development and Burger King India. Some of the other brands owned by Devyani are Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrushh.

Devyani is the single largest quick service restaurant (QSR) in India to be listed on Swiggy and was amongst the largest Indian QSR companies to be listed on Zomato, in 2019 and 2020.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors are the appointed investment bankers to the issue.


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