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Devyani International Ltd files DRHP to raise Rs 1400 Crore via IPO

May 15, 2021 08:03 PM

Devyani International files DRHP to raise Rs 1400 Crore via IPO
Food and beverages marjor Devyani International Ltd (DIL), the largest franchisee of Pizza Hut, KFC, and Costa Coffee filed a draft red herring prospectus (DRHP)

Food and beverages marjor Devyani International Ltd (DIL), the largest franchisee of Pizza Hut, KFC, and Costa Coffee filed a draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) to raise nearly Rs1,400 crore through an initial public offering (IPO).

According to DRHP, the offer comprises a fresh issue of Rs400 crore and an Offer of Sale of up to 125.33 million equity shares by Investor Selling Shareholder, Dunearn Investments (Mauritus) Pte. Ltd, a wholly owned subsidiary of Temasek Holdings and Promoter Selling Shareholders, RJ Corp Ltd.

The Devyani International Ltd is led by Ravi Kant Jaipuria, Promoter, RJ Corp and Virag Joshi, President & CEO, who been a key strategist to the expansion efforts by the company in addition to the management team comprising of Manish Dawar, Wholetime Director and Chief Financial Officer, Rajat Luthra, CEO – KFC and Amitabh Negi, CEO – Pizza Hut.

Also Read: India readies state-run firms to manufacture Covaxin

Despite the pandemic, it opened 109 stores across its core brand business in the last 6 months. KFC and Pizza Hut were amongst the earliest to roll out contactless delivery in May 2020 and June 2020, respectively.

In FY21 DIL’s business from the core brands (India & Internationally) accounted for 94.19% of its revenues from operations and delivery sales represented 70.20% of the said revenues, an increase from 51.15% in FY20.

Between March 2019-2021 the core brand stores saw a CAGR growth of 13.58% from 469 stores to 605 stores and the company attributes its success and continuous growth effort to its 9,356 employees. Devyani is the single largest QSR company in India to be listed on Swiggy and was amongst the largest QSR company in India be to listed on the Zomato platform in 2019 and 2020.

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