After Devyani, Yum! Brands another franchisee Sapphire Foods files IPO paper

In other latest news, Yum! Brands franchisee for Indian subcontinent Sapphire Foods that operates KFC, Pizza Hut, Taco Bell chain of restaurants in West and parts of south India, Maldives and Srilanka has filed papers with SEBI to raise IPO.

This comes at a time when its largest competitor and Yum!Brands another franchisee Devyani International is all set to go public after launching its public offerings last week.

Also Read: Yum! Brands franchisee Sapphire Foods bags Rs 1,150 cr from Creador, others

The issue comprises a pure offer for sale (OFS) of 17.57 million shares by existing shareholders and promoters. The OFS will see up to 8.50 lakh shares being sold by QSR Management Trust, up to 5.57 million shares by Sapphire Foods Mauritius Ltd, up to 4.85 million shares by WWD Ruby Ltd, among others.

At present, Sapphire Foods Mauritius holds 46.53% stake, QSR Management Trust has 5.96% stake, WWD Ruby holds 18.79%, Amethyst Pvt Ltd has 6.67%, AAJV Investment Trust 0.14%, Edelweiss Crossover Opportunities Fund 6.83%.

Sapphire Foods is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. It operates 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.

JM Financial, Bofa Securities, ICICI Securities, and IIFL Securities are the lead managers to the issue.

On Monday, Sapphire Foods has raised Rs 1,150 crore funds from private equity funds led by Creador, NewQuest Capital Partners and TR Capital.