Sapphire Foods India, a franchise operator of KFC, Pizza Hut and Taco Bell stores in India, Sri Lanka and Maldives will open its initial public offering for subscription on Tuesday, November 9. The issue is entirely an offer for sale (OFS) through which the shareholders of the company plan to raise Rs 2,073 crore from the primary market.

All the funds, excluding issue expenses, will go to the shareholders selling their stakes. The company will not be getting any money from this issue.

The Company has fixed a price band of ₹1,120-1,180 a share for its ₹2,073-crore IPO. The initial share-sale will open Tomorrow and conclude on November 11. Paytm IPO Price Band Set at Rs 2,080-2,150; Subscription to Open on November 8, 2021

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

Registrar to the offer is Link Intime India Private Ltd.

Sapphire Foods is backed by marquee investors including Edelweiss, Samara Capital, Goldman Sachs and CX Partners.

Among the promoters, Sapphire Foods Mauritius has 45.52 percent stake in the while QSR Management Trust has 5.83 percent in the company. WWD Ruby holds 18.38 percent, Amethyst 6.53 percent, AAJV Investment Trust 0.13 percent and Edelweiss Crossover Opportunities Fund 6.69 percent in the company.

Revenue from operations for Sapphire Foods dropped to Rs 1,019.62 crore in FY21 from Rs 1,340.41 crore in FY20 due to the Covid-19 crisis and the company narrowed its loss to Rs 99.9 crore in FY21 from a loss of Rs 159.25 crore in the previous year

As the issue is available at a comparatively lower valuation analysts are bullish on its prospects.

(The above story first appeared on LatestLY on Nov 08, 2021 08:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website