Sapphire Foods IPO Subscribed 6.62 Times

Investor demand further picked up on the final day of bidding for shares of Sapphire Foods India Ltd., the local partner of Yum! Brands, as its offer ended with 6.62 times subscription.

About 49% of the issue was bought through the first day. The IPO was subscribed 1.07 times on the second day.

The three-day IPO was a pure offer-for-sale by promoters and existing shareholders, according to the red herring prospectus by the operator of KFC and Pizza Hut stores in the country. Investors bid for shares at Rs 1,120-1,180 apiece. Only the selling shareholders will receive the net proceeds.

The company is seeking a market valuation of Rs 7,498.02 crore at the upper end of its price band.

The IPO came more than two months after Devyani International Ltd., the other Indian franchisee operator of the world’s biggest restaurant operator listed on the bourses.

Subscription Details: Day 3

The IPO was subscribed 6.62 times as of 5 p.m. on Nov. 11.

• Institutional investors: 7.50 times.

• Non-institutional investors: 3.46 times.

• Retail investors: 8.70 times.

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