Sapphire Foods stocks open at 11% premium; list at Rs 1311 per share on BSE

Stocks of Sapphire Foods, an omni-channel restaurant operator, were listed on exchanges at 11% premium on Thursday.

Sapphire Foods stocks open at 11% premium; list at Rs1311 per share on BSE

Stocks of Sapphire Foods, an omni-channel restaurant operator, were listed on exchanges at 11% premium on Thursday. Sapphire Foods stock opened at Rs 1311 per share against its issue price of Rs 1180 on the Bombay Stock Exchange (BSE) on Thursday. This was premium of 11.10 per cent or gain of Rs 131 per share.

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Earlier, the initial public offer (IPO) of Sapphire Foods India was oversubscribed 6.62 times on the final day of bidding till 5:00 pm. The Rs 2,073-crore IPO received bids for 6,39,45,000 shares against 96,63,468 shares on offer, according to the data available on BSE. The retail investors had subscribed the IPO most at 8.7 times, followed by qualified institutional buyers by 7.5 times and non-institutional investors quota was subscribed 3.46 times on the last day of the initial share-sale.

The three-day initial public offer (IPO) of KFC, Pizza Hut operator's Sapphire Foods India Limited opened for public subscription on November 9, 2021, closed on November 11, 2021. The company had fixed price band of Rs 1,120-1,180 per equity share for this offer. The initial public offering is expected to raise Rs 2,073 crore.

The IPO was entirely an offer for sale (OFS) of 1,75,69,941 equity shares by promoters and existing shareholders.

The company had said that up to 75 per cent of the shares has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.

Earlier, Zee Business Managing Editor Anil Singhvi had recommended to apply for this issue with long-term vision.

"The company has strong brands like KFC and Pizza Hut under its belt. Besides, impressive track record, strong growth potential, profitable at operational level and reasonable valuations would work for this IPO, said Anil Singhvi," he had said while recommending the issue

Sapphire Foods, an omni-channel 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.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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