Mumbai Sapphire Foods India Limited, promoted by Samara Capital, has set the price band for its Initial Public Offering (IPO) between? ₹1,120 more ₹1,180 per share. Earlier, the firm had said that its IPO will open on November 9 and close on November 11.
The firm plans to list on the exchanges on November 22.
The IPO of the operator of KFC and Pizza Hut outlets consists of a net offer for sale of 17.57 million shares by existing shareholders and promoters.
The OFS includes 8.50 lakh shares by QSR Management Trust, up to 5.57 million shares by Sapphire Foods Mauritius Limited, up to 4.85 million shares by WWD Ruby Limited, up to 3.96 million shares by Amethyst Pvt. Ltd., up to 80,169 shares by AAJV Investment Trust, up to 1.62 million shares by Edelweiss Crossover Opportunities Fund and up to 6.46 lakh shares by Edelweiss Crossover Opportunities Fund Series II.
On the upper band, the firm wants to lift ₹2,073.35 crore.
Presently, Sapphire Foods Mauritius holds 46.53% stake in the firm, QSR Management Trust holds 5.96% stake, WWD Ruby holds 18.79%, Amethyst Pvt. Ltd holds 6.67%, AAJV Investment Trust 0.14%, Edelweiss Crossover Opportunities Fund 6.83%.
JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the principal managers of the issue.
Sapphire Foods is the largest franchisee of Yum Brands in the Indian subcontinent, backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. The franchise arrangement with Yum allows the firm to operate on a non-exclusive basis under the brands KFC, Pizza Hut and Taco Bell in various states of India in Sri Lanka and Maldives.
As of March 2021, the firm owned and operated 204 KFC restaurants in India and Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and Maldives, and two Taco Bell restaurants in Sri Lanka.
For FY21, the firm reported revenue from operations ₹1,019.62 crore vs. ₹1,340.41 crore a year ago. net loss for the period ₹99.89 crore against ₹159.25 crore last year. total borrowings were ₹75.66 crores from ₹71.20 crore last year.
The company said that it has been substantially affected due to the covid pandemic and may continue to affect its business, results of operations, financial position, cash flow and reputation in the future. The firm said it has restated the loss for the post-tax year for the financial years 2021, 2020 and 2019 and that additional losses may occur in future.
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