IPO Wrap: Sapphire Foods IPO subscribed 6.62 times on final day led by retail investors and QIBs

Sapphire Foods IPO subscription status: The initial public offering (IPO) of Sapphire Foods India, which operates KFC and Pizza Hut outlets, which was launched earlier this week got subscribed 6.62 times on the final day, according to the data available on the BSE.

The Rs 2,073 crore received bids for over 6.39 crore (6,39,45,000) shares against the total issue size of over 96.63 lakh (96,63,468) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 7.50 times, while those of non institutional investors was subscribed 3.46 times and that of retail individual investors (RIIs) was subscribed 8.70 times, the data showed.

Sapphire Foods, an omnichannel restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

Through the offer, Sapphire Foods India aims to raise Rs 2,073 crore. The IPO is entirely an offer of sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders. The company will not receive any proceeds from the offer.

The Sapphire Foods IPO had opened for subscription on Tuesday, November 9, 2021, and concluded at 5 pm Thursday, November 11, 2021. It had a price band of Rs 1,120-1,180 per share.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Sapphire Foods India is expected to take place on Tuesday, November 16, 2021, as per the information provided in the red herring prospectus.