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Devyani International Limited IPO

Devyani International Limited is the primary franchisee of Yum! Brands in India and one of the largest chains of quick-service restaurants in this country. As of 31 March 2021, it had 655 stores across 155 Indian cities on a non-exclusive basis. Devyani International also has operations outside India, in Nigeria and Nepal.

As part of its disinvestment, Devyani International is planning to gather Rs. 1400 crores. It will comprise freshly issued equity shares and 12.5 crore equity shares under offer for sale.

Devyani International Limited IPO Objectives

- To fund prepayment or repayment of entire or a portion of company’s debt of Rs. 357.8 crores.
- To meet other working capital requirements and different corporate purposes.

Devyani International Limited IPO - Details

This initial public offering is supposed to be the largest in India’s QSR sector, as Devyani International is the leading entity in this segment. The company filed for its IPO with the market governing body SEBI, i.e. Securities and Exchange Board of India, on 19 May 2021 and received its confirmation on 19 July 2021.

The DRHP or Draft Red Herring Prospectus of Devyani International includes its plans to raise Rs. 440 crores through fresh equity shares and put out an offer for sale of 155,333,330 equity shares (Rs. 1398 crores approx.), taking its total IPO size to up to Rs. 1838 crores.

Opening Date

04 Aug 2021

Closing Date

06 Aug 2021

Price Band

₹86 to ₹90

per equity share

Issue Size

₹1776 - ₹1838 cr

Face Value

₹ 1

per equity share

Market Lot

165 Shares

Opening Date

04 Aug 2021

Closing Date

04 Aug 2021

Price Band

₹86 to ₹90

per equity share

Issue Size

₹1776 - ₹1838 cr

Face Value

₹ 1

per equity share

Market Lot

165 Shares

Listing at NSE, BSE

Devyani International IPO Important Dates

IPO Open Date 04 Aug 2021
IPO Close Date 06 Aug 2021
Basis Of Allotment Date 11 Aug 2021
Initiation Of Refunds 12 Aug 2021
Credit Of Shares To
Demat ACcount		 13 Aug 2021
IPO Listing Date 16 Aug 2021
UPI Mandate Expiry Date -

The tentative dates of Devyani International IPO are yet to be announced. The table illustrated below will be updated as soon as the information is available.

Devyani International IPO Latest News and Subscription Status Today [Live]

Day 3 : 06 August 2021
Day 2 : 05 August 2021
Day 1 : 04 August 2021

At 05:10 p.m.

- This IPO has been subscribed 116.67x by 5:10 PM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 95.27x
- (NII) Non-institutional buyers: 213.06x
- (RII) Retail Individual buyers: 39.31x
- Employees: 4.70x.

 

At 04:25 p.m.

- This IPO has been subscribed 116.59x by 4:25 PM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 95.27x
- (NII) Non-institutional buyers: 213.06x
- (RII) Retail Individual buyers: 38.84x
- Employees: 4.70x

 

At 03:20 p.m.

- This IPO has been subscribed 69.49x by 3:20 PM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 36.20x
- (NII) Non-institutional buyers: 161.07x
- (RII) Retail Individual buyers: 33.73x
- Employees: 3.97x

 

At 02:10 p.m.

- This IPO has been subscribed 38.13x by 2:10 PM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 17.54x
- (NII) Non-institutional buyers: 84.03x
- (RII) Retail Individual buyers: 32.01x
- Employees: 3.90x

 

At 01:05 p.m.

- This IPO has been subscribed 24.26x by 1:05 PM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 13.28x
- (NII) Non-institutional buyers: 42.39x
- (RII) Retail Individual buyers: 30.59x
- Employees: 3.78x

 

At 11:50 a.m.

- This IPO has been subscribed 9.31x by 11:50 AM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 1.92x
- (NII) Non-institutional buyers: 11.39x
- (RII) Retail Individual buyers: 28.52x
- Employees: 3.38x

 

At 10:45 a.m.

- This IPO has been subscribed 8.07x by 10:45 AM. on Day 3
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 1.39x
- (NII) Non-institutional buyers: 9.31x
- (RII) Retail Individual buyers: 26.36x
- Employees: 3.30x

 

At 05:05 p.m.

- This IPO has been subscribed 6.61x by 5:05 PM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 1.32x
- (NII) Non-institutional buyers: 6.37x
- (RII) Retail Individual buyers: 22.94x
- Employees: 3.10x

 

At 04:05 p.m.

- This IPO has been subscribed 6.36x by 4:05 PM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 1.26x
- (NII) Non-institutional buyers: 6.14x
- (RII) Retail Individual buyers: 22.11x
- Employees: 2.40x

 

At 02:45 p.m.

- This IPO has been subscribed 4.64x by 2:45 PM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.83x
- (NII) Non-institutional buyers: 2.82x
- (RII) Retail Individual buyers: 18.89x
- Employees: 1.92x

 

At 01:50 p.m.

- This IPO has been subscribed 4.39x by 1:50 PM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.79x
- (NII) Non-institutional buyers: 2.56x
- (RII) Retail Individual buyers: 18.02x
- Employees: 1.90x

 

At 12:50 p.m.

- This IPO has been subscribed 3.95x by 12:50 PM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.78x
- (NII) Non-institutional buyers: 2.02x
- (RII) Retail Individual buyers: 16.40x
- Employees: 1.84x

 

At 11:50 a.m.

- This IPO has been subscribed 3.57x by 11:50 AM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.77x
- (NII) Non-institutional buyers: 1.65x
- (RII) Retail Individual buyers: 14.94x
- Employees: 1.80x

 

At 10:40 a.m.

- This IPO has been subscribed 3.06x by 10:40 AM. on Day 2
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.77x
- (NII) Non-institutional buyers: 0.89x
- (RII) Retail Individual buyers: 13.26x
- Employees: 1.74x

 

At 04:20 p.m.

- This IPO has been subscribed 2.69x by 4:20 PM. on Day 1
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.77x
- (NII) Non-institutional buyers: 0.77x
- (RII) Retail Individual buyers: 11.35x
- Employees: 1.56x

 

At 02:55 p.m.

- This IPO has been subscribed 2.05x by 2:55 PM. on Day 1
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.50x
- (NII) Non-institutional buyers: 0.36x
- (RII) Retail Individual buyers: 9.30x
- Employees: 0.57x

 

At 01:45 p.m.

- This IPO has been subscribed 1.48x by 1:45 PM. on Day 1
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.50x
- (NII) Non-institutional buyers: 0.13x
- (RII) Retail Individual buyers: 6.47x
- Employees: 0.35x

 

At 12:45 p.m.

- This IPO has been subscribed 0.95x by 12:45 PM. on Day 1
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x
- (NII) Non-institutional buyers: 0.10x
- (RII) Retail Individual buyers: 5.08x
- Employees: 0.28x

 

At 11:45 a.m.

- This IPO has been subscribed 0.69x by 11:45 AM. on Day 1
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x
- (NII) Non-institutional buyers: 0.07x
- (RII) Retail Individual buyers: 3.68x
- Employees: 0.21x

 

At 10:30 a.m.

- This IPO has been subscribed 0.30x by 10:30 AM. on Day 1
- It is a public issue of 11,25,69,719 equity shares.

Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x
- (NII) Non-institutional buyers: 0.02x
- (RII) Retail Individual buyers: 1.62x
- Employees: 0.11x

 

Why Should You Invest in Devyani International IPO?

Devyani International is currently a market leader in its segment and operates in the international market as well. Following are some primary reasons to bank on this upcoming IPO –

1.The company’s business is distributed in three verticals, KFC, Pizza Hut and Costa Coffee, which helps the brand to diversify its revenue streams. Moreover, these three brands together represent the ‘Core Brands Business’ of the company.
2.It has international operations in Nepal and Nigeria, with KFC and Pizza Hut representing its ‘International Business.’
3.The ‘Other Business’ segment comprises brands like Vaango and Food Street.
4.Revenue obtained via core and international business represents 83.01%, 82.94%, and 94.19% in the financial year of 2019, 2020, and 2021 respectively.
5.The company has also expanded its network store in the core business segment at a CAGR of 13.8%. From 469 stores in March 2019, it has reached over 600 stores by March 2021. It has also opened more than 100 stores in this business segment in the last six months ending on 31 March 2021.
6.The company has plans to further increase its reach by opening more stores in locations with high potential.
7.The revenue of Devyani International was on an upward trajectory for FY2019 and FY2020, but the Covid-19 pandemic has seen a drop in it. Still, as of March 2021, it has registered total revenue of about Rs. 1200 crores.

With a diversified business portfolio and a well-spread network, Devyani International makes for a lucrative investment option. Regardless, individuals planning to invest in the Devyani International IPO should go through the company financials, gather ample information, and plan their moves accordingly.

Financial highlights

Financial year Total revenue Total expenses Profit or loss after tax
March 2021 Rs. 11,988.95 crore Rs. 13,381.71 crore Rs. 183.37 crore
March 2020 Rs. 15,350.41 crore Rs. 16,465.30 crore Rs. 426.66 crore
March 2019 Rs. 13,236.83 crore Rs. 13,948.19 crore Rs. 348.54 crore

How to apply for Devyani International Limited IPO?

You can apply for the Devyani International IPO in these ways:

UPI
Link your bank account to a reliable UPI ID and register it with your Angel One account. Proceed to book Devyani International IPO shares using the ID, confirm the payment on the UPI app, and block the amount for allotment.

Demat Account

1. If you are already a client of Angel One, apply directly for Devyani International IPO, click here.
2. If you’re a new investor Open DEMAT Account for free with Angel One to begin your investment journey.

Devyani International IPO - Noteworthy Highlights

Devyani International started its journey as Universal Ice Creams Private Limited in 1991. Its name was changed to Devyani International Private Limited in June 2020 with a fresh incorporation certificate. Again in 2005, the company renamed itself as Devyani International Limited.

DIL started its journey with Yum! Brands in 1997 with a Pizza Hut store in Jaipur. As reported in March 2021, they have 264 KFC stores, 297 Pizza Hut stores, and 44 Costa Coffee outlets across the country.

According to its DRHP, the company currently has 9356 employees.

Devyani International IPO - SWOT Analysis

strengths

Strengths

  • Popularity: Devyani International is popular in the Indian market owing to its core business brands, KFC, Pizza Hut and Costa Coffee. It has a strong presence in metropolitan cities and its surrounding areas.
  • Co-operation: The co-operation among different brands also helps the company to operate more dynamically.
  • Cost-effective: The company implements a cost-effective business model, where the co-operation between brands plays a pivotal role. It helps Devyani International to manage its resources and employee strength better.
  • Experience: Devyani International is in this business for about 20 years. Therefore, the experience of its management in this sector is positive.
  • Market share: In terms of QSR brands, Devyani International is the largest in this segment.
Weaknesses

Weaknesses

  • Dependency on Yum! Brands: Devyani International depends on Yum! Brands for its success. Since they are in agreement with Yum! Brands for the rights, the inability to renew these arrangements can ultimately weaken the company’s position.
  • Inadequate expansion strategy can backfire: Since an expansion is in place, failing to identify proper locations can ultimately backfire and jeopardise DI’s plans as well as its finances. 
  • Losses in three consecutive years: As its financial overview suggests, Devyani International has suffered a loss in the last three financial years. This is also a worrying sign.
  • Larger operating cost due to Covid-19 guidelines: Owing to the health safety guidelines enforced by the Government of India, the operating costs are likely to rise at every outlet. Resultantly, the company’s overall cost cap is likely to take a hit as well.
Opportunities

Opportunities

  • Reaching more customers with online delivery: The prominence of online food delivery apps such as Zomato and Swiggy has streamlined the food delivery process. It has helped food joints to reach more customers. Devyani International has reached an agreement with these two platforms to help them with delivery and expanding their business.
Threats

Threats

  • Effects of Covid-19: Covid-19 and subsequent lockdowns had a significant effect on the restaurant sector. For Devyani International and its brands, which have a significant presence in shopping malls, the closure of such facilities has hampered its revenue stream significantly.
Strenghts Strengths
Weaknesses Weaknesses
Opportunities Opportunities
Threats Threats

Strengths

  • Popularity: Devyani International is popular in the Indian market owing to its core business brands, KFC, Pizza Hut and Costa Coffee. It has a strong presence in metropolitan cities and its surrounding areas.
  • Co-operation: The co-operation among different brands also helps the company to operate more dynamically.
  • Cost-effective: The company implements a cost-effective business model, where the co-operation between brands plays a pivotal role. It helps Devyani International to manage its resources and employee strength better.
  • Experience: Devyani International is in this business for about 20 years. Therefore, the experience of its management in this sector is positive.
  • Market share: In terms of QSR brands, Devyani International is the largest in this segment.

Weaknesses 

  • Dependency on Yum! Brands: Devyani International depends on Yum! Brands for its success. Since they are in agreement with Yum! Brands for the rights, the inability to renew these arrangements can ultimately weaken the company’s position.
  • Inadequate expansion strategy can backfire: Since an expansion is in place, failing to identify proper locations can ultimately backfire and jeopardise DI’s plans as well as its finances. 
  • Losses in three consecutive years: As its financial overview suggests, Devyani International has suffered a loss in the last three financial years. This is also a worrying sign.
  • Larger operating cost due to Covid-19 guidelines: Owing to the health safety guidelines enforced by the Government of India, the operating costs are likely to rise at every outlet. Resultantly, the company’s overall cost cap is likely to take a hit as well.

Opportunities 

  • Reaching more customers with online delivery: The prominence of online food delivery apps such as Zomato and Swiggy has streamlined the food delivery process. It has helped food joints to reach more customers. Devyani International has reached an agreement with these two platforms to help them with delivery and expanding their business.

Threats 

  • Effects of Covid-19: Covid-19 and subsequent lockdowns had a significant effect on the restaurant sector. For Devyani International and its brands, which have a significant presence in shopping malls, the closure of such facilities has hampered its revenue stream significantly.

Devyani International: A competitive analysis

Devyani International is the largest entity in India’s QSR segment. The following table provides an overview of its position among its market peers in the last one year –

Competitor Gains Market capitalisation
Hindustan Foods 248.99% 248.99%
Transglobe Foods 245.47% 240.44%
Jubilant FoodWorks 75.11% 73.73%
Vadilal Industries 86.35% 87.27%
Modern Dairies 213.67% 216.86%
Freshtrop Fruits 134.91% 134.91%

Devyani International IPO FAQs

What is Devyani International IPO?

Devyani International, one of the leading companies in the QSR sector, is diluting its shares to gather funds to meet its corporate expenses and complete its current debts. After its listing, the company will come under the regulations of SEBI.

When will Devyani International IPO be open for subscription?

Devyani International will open for subscription on 4 August 2021.

What is the minimum lot size that retail investors can subscribe to?

The company has not disclosed any information in this regard. 

When is the Devyani International IPO listing date?

Devyani International IPO will most likely get listed on 16 August 2021.

How will I receive shares?

The Devyani International shares would be credited to the demat account post allotment.

Who are the merchant bankers for Devyani International IPO?

CLSA India Pvt Ltd, Motilal Oswal Investment Advisors, Kotak Mahindra Capital Company Ltd, and Edelweiss Financial Services Ltd are the merchant bankers for Devyani International IPO.

What is the minimum order quantity for Devyani International IPO?

No data is available regarding minimum order quantity.

Who is the registrar for Devyani International IPO?

Link Intime India is the register of Devyani International IPO

Which categories of investors are allowed to participate in this IPO?

Retail individual, NIB and QIB are the expected categories that can participate in this IPO. 

Who are the promoters of Devyani International IPO?

Ravi Kant Jaipuria is the promoter of Devyani International IPO.

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