Devyani International Ltd., the operator of KFC, Pizza Hut and Costa Coffee stores in India, will launch its initial public offering on Aug. 4.
The initial public offering comprises a fresh issue of Rs 440 crore and an offer for sale of 15.53 crore shares by existing investors and promoters, according to its red herring prospectus. The company will use part of the proceeds from the fresh equity to repay borrowings worth Rs 324 crore and the rest for general corporate purposes.
Devyani International is a subsidiary of Ravi Jaipuria's RJ Corp., the bottler for PepsiCo Inc. in India. It is the largest India franchise partner for Yum! Brands and operated 605 KFC, Pizza Hut and Costa Coffee outlets as of March 31.
Devyani International's revenue in FY21 stood at Rs 1,134.8 crore compared with Rs 1,516.3 crore in FY20. Its net loss narrowed to Rs 57.8 crore from Rs 107.2 crore in the year prior.
Yum! Brands' other Indian partners are Sapphire Foods India Pvt. and Burman Hospitality Pvt.
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