, India

KFC India franchisee Devyani International files for US$191m IPO

The company was able to open 109 stores across its core brand business in the last six months despite the pandemic.

Devyani International, considered the largest franchisee of KFC, Pizza Hut and Costa Coffee in India, is looking to raise nearly ₹1,400 crore (US$191 million) through an initial public offering (IPO).

According to a draft red herring prospectus (DRHP) with India’s securities and exchange board, the offer comprises a fresh issue of ₹400 crore and an offer of sale of up to 125.33 million equity shares.

Despite the pandemic, the company opened 109 stores across its core brand business in the last six months.

Kotak Mahindra Capital Company Ltd, CLSA India Pvt Ltd, Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd serve as the investment bankers to the issue.

DIL's business from core brands accounted for 94.19% of its revenues from operations whilst delivery sales represented 70.20%.

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