The shares of Devyani International have been listed on BSE at Rs 141 up 56.67% from the issue price. The issue price of the company was Rs 90.
Whereas its listing on NSE has been done at Rs 140.90 with a premium of 56 percent. Market experts had estimated that the company's listing could be around 50 percent.
Prior to the listing, Devyani International entered into a Revised Development Agreement with its existing partner CostaCoffee.
The deal was done on August 14. Under this agreement, Devyani International has got the right to open Costa Coffee stores across the country in a phased manner.
The development right has been given in this agreement for a period of 5 years, which can be extended from time to time.
The company had issued an IPO of Rs 1828 crore. Out of this, a fresh issue of Rs 440 crore was issued. Whereas shares worth Rs 1398 crore have been sold in the offer for sale.
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company will use its funds to expand the network. The company also wants to increase the delivery channel and will also increase investment on technology. Along with this, the company will also focus on expanding its capacity.
Devyanai International has the largest franchisees of Pizza Hut, Costa Coffee and KFC in the country. The issue of the company opened on August 4 and closed on August 6.
This IPO was subscribed 116.71 times. That is, 1313.79 crore bids were made in lieu of 11.25 crore shares of the company.
The issue of Devyani International is very much liked by the retail investors. The reserve portion for small investors has been filled 18.74 times so far. Whereas 1.92 bids have been placed in the reserve portion for the employees.