Devyani International shares debut at over 56% premium as the Pizza Hut and KFC operator lists on stock exchanges

• Shares of Devyani International listed at a premium of over 56% compared to its issue price of ₹90.
  
• The issue was subscribed 117 times, with non-institutional investors leading the fray.
  
• The market capitalisation of Devyani International stood at ₹16,956 crore post listing.
  

Shares of Devyani International listed at a premium of 56% as the Pizza Hut and KFC operator debuted on the stock exchanges on Monday.

After the listing, the total market capitalisation of Devyani International stood at ₹16,956 crore, according to data from BSE.

As of 10:05 a.m., share price of Devyani International was hovering around ₹131, up by 45% over the issue price of ₹90 per share. The grey market premium was hovering at ₹55 per share – a premium of over 61% on the issue price.

In total, the Pizza Hut operator’s initial public offering (IPO) received an overwhelmingly positive response from investors – the issue was subscribed 117 times, with non-institutional investors taking the lead.

Category	Subscription
Qualified Institutional Buyers	95.27x
Non-institutional Investors	213.06x
Retail Individual Investors	39.48x
Employees	4.7x
Total	116.7x

Devyani International operates 692 stores across 155 cities in India. It also has operations in Nepal and Nigeria.

Broadly, its business is divided into three verticals – Pizza Hut, KFC and Costa Coffee. Pizza Hut and KFC together contribute over 80% to the company’s revenue.

The company believes the QSR channel is expected to witness a significant rebound in the future due to rapid urbanisation and proliferation of internet and scarcity of time for meals owing to busier lifestyles played key roles in the growth of popularity of western fast food in India.

Quick-service restaurant is an eating establishment primarily focused on the provisions of meals or soft drinks, with limited or no table services.

The total IPO size of Devyani International is ₹1,838 crore, which consists of a fresh issue of ₹440 crore. It intends to use the proceeds of the issue to repay ₹357 crore worth debt.

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