Sapphire Foods India shares list at 14% premium over issue price

Shares of Sapphire Foods India listed at over 14% premium to the issue price today. The largest franchisee of Yum Brands in the Indian sub-continent made its market debut at Rs 1,350 per share on the NSE against the IPO issue price of Rs 1,180. Price band of the IPO was fixed at Rs 1,120- Rs 1,180 per share.

The stock listed at Rs 1,311 on BSE and then rose 17 per cent to hit an intraday high of Rs 1,383.60. Market cap of the firm rose to Rs 8,305.65 crore on BSE.

The company raised Rs 932.96 crore from 53 anchor investors on November 8. Marquee investors who participated in the anchor book were the Government of Singapore, Monetary Authority of Singapore, Fidelity Funds, Abu Dhabi Investment Authority, Crestwood Capital Master Fund, Ontario Teachers' Pension Plan Board, Carmignac Portfolio, HSBC, Societe Generale, Morgan Stanley, Segantii India, and Affin Hwang.

The IPO was entirely an offer for sale (OFS) of 1,75,69,941 equity shares by promoters and existing shareholders. It was subscribed 6.62 times during November 9-11, 2021.

JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the lead managers to the company's public issue. The equity shares of the company will be listed on BSE and NSE on November 22.

Sapphire Foods, an omni-channel restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent, is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

As of March 31, 2021, Sapphire Foods owned and operated 204 KFC restaurants in India and the Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and two Taco Bell restaurants in Sri Lanka.