KFC, Pizza Hut operator Sapphire Foods’ IPO opens today — check closing, allotment and listing dates

• Sapphire Foods India will open its IPO on November 9 and close on November 11.
• The IPO consists of a pure offer for sale of 1.75 crore shares by existing shareholders and promoters.
• The price band of the IPO is fixed at ₹1,120-1,180 per share.
• Shares of the company are demanding a premium of ₹125 in the grey market.

Sapphire Foods India, the operator of KFC and Pizza Hut outlets, will open its IPO today, November 9, and close on November 11. The IPO consists of a pure offer for sale of 1.75 crore shares by existing shareholders and promoters.

As of June 2021, the company owned and operated 209 KFC restaurants in India and the Maldives, 239 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and two Taco Bell restaurants in Sri Lanka.

Sapphire Foods is the largest franchisee of Yum! Brands in the Indian subcontinent. Besides, the company is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

Shares of the company are demanding a premium of ₹125 in the grey market, according to IPO Watch.

Here are some of the important dates related to the IPO:

Analysts at Kotak Institutional Equities expect the company to grow its revenue at a compounded annual rate of 20% and the earnings before interest, tax, depreciation and amortisation (EBITDA) by 30% by March 2025. However, the revival from the COVID-19 lockdown this year was relatively slower because many of its outlets are located within malls, which remained shut, or the footfalls remained low, for longer than in other restaurants.

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