Sapphire Foods India Seeks SEBI Approval For IPO

Sapphire Foods India Ltd. has sought the market regulator’s approval for an initial public offering, as the operator of KFC, Pizza Hut and Taco Bell in India, Maldives and Sri Lanka aims to join quick-service restaurant chain peers in what may be a record year for maiden offers.

Sapphire Foods Mauritius holds 46.5% stake in the company, while WWD Ruby Ltd. has 18.77%.

JM Financial, BofA Securities India, and IIFL Securities are the other managers for the issue.

This comes a week after Devyani International Ltd., another franchisee owner of KFC, Pizza Hut and Costa Coffee in India, launched its maiden offer that was subscribed 116.71 times.