Sapphire Foods India lists at 11% premium on exchanges
- Shares of
Sapphire Foods Indialist at ₹1,311 while the shares were allotted at ₹1,180 per share.
- The IPO was subscribed 6.62 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹8,330 crore.
AdvertisementShares of Sapphire Foods India, the operator of KFC and Pizza Hut outlets, made a good listing on the National Stock Exchange (NSE) and BSE at 11% premium over the issue price of ₹1,180 apiece.
Post listing, the market capitalisation of the company stood at ₹8,330 crore, according to BSE data.
The shares of Sapphire Foods were trading at ₹1,367, higher by 16% at 10.01 a.m., on November 18. The grey market showed a decent listing for Sapphire Foods a day prior to the listing with a ₹85 premium per share.
The IPO was open between November 9 and November 11 and was oversubscribed 6 times by investors. It was subscribed 6.62 times on the last day of the bidding.
The company 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. The company was looking to raise over ₹2,000 crore through the IPO that consisted of a pure offer for sale of 1.75 crore shares by existing shareholders and promoters.
Moreover, analysts believe the company is well positioned to capture the new age wave of change in eating habits.
“Riding on strong brands, fine dine experience and focus on delivery strength the company is well positioned to capture the new age wave of change in eating habits. The quick service restaurant (QSR) segment is expected to witness a significant rebound in the coming years driven by the economic recovery of the country and improvement in the purchasing power of consumers,” said brokerage firm KR choksey
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