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New Delhi: Devyani International, the largest franchisee operator of KFC and Pizza Hut plans listing on the bourses next month, taking forward its plans to launch its IPO (initial public offer), amid the prevailing bullish market sentiment and threat of a potential third wave later in the year.
This follows food search and delivery platform Zomato’s stellar listing debut last week. Devyani International () would be the third quick service restaurant (QSR) player to list in the past eight months after Burger King and Barbeque Nation.
RJ Corp-owned DIL had filed for the IPO to raise ₹1,400 crore in May this year, and last week received Sebi’s nod for the same.
RJ Corp chairman Ravi Jaipuria told ET: “We want to reduce the company’s debt to strengthen our balance sheet which will help future expansion and business development. The prevalence of home delivery in the Indian QSR space is expected to continue to grow, due to changing lifestyles and consumer eating patterns in the post Covid environment.”
While deliveries continue to drive food services companies, revival of out-of-home consumption is dependent on gradual unlocking and easing of curbs at restaurants and bars. RJ Corp is also among the world’s largest bottlers for beverage maker PepsiCo, and its bottling business under group company is already listed.
Executives said the post second wave turnaround and liquidity in the market has significantly escalated investor sentiment. The Ant Group-backed Zomato’s IPO opened with a massive oversubscription last Friday, with a bumper 38 times subscription, a development industry executives said has set the stage for domestic start-ups and companies to push forward listing plans. Digital payment and financial technology company Paytm, hospitality chain Oyo and cab ride-hailing company Ola are among the Indian start-ups set to list on the stock exchanges.
This follows food search and delivery platform Zomato’s stellar listing debut last week. Devyani International () would be the third quick service restaurant (QSR) player to list in the past eight months after Burger King and Barbeque Nation.
RJ Corp-owned DIL had filed for the IPO to raise ₹1,400 crore in May this year, and last week received Sebi’s nod for the same.
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View Latest Stock Report »RJ Corp chairman Ravi Jaipuria told ET: “We want to reduce the company’s debt to strengthen our balance sheet which will help future expansion and business development. The prevalence of home delivery in the Indian QSR space is expected to continue to grow, due to changing lifestyles and consumer eating patterns in the post Covid environment.”
While deliveries continue to drive food services companies, revival of out-of-home consumption is dependent on gradual unlocking and easing of curbs at restaurants and bars. RJ Corp is also among the world’s largest bottlers for beverage maker PepsiCo, and its bottling business under group company is already listed.
Executives said the post second wave turnaround and liquidity in the market has significantly escalated investor sentiment. The Ant Group-backed Zomato’s IPO opened with a massive oversubscription last Friday, with a bumper 38 times subscription, a development industry executives said has set the stage for domestic start-ups and companies to push forward listing plans. Digital payment and financial technology company Paytm, hospitality chain Oyo and cab ride-hailing company Ola are among the Indian start-ups set to list on the stock exchanges.
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