Sapphire Foods IPO was subscribed 49 per cent on first day of issueSapphire Foods, the franchise owner of KFC and Pizza Hut restaurants in India, clocked 49 per cent subscription for its initial public offer (IPO), on the first day of issue.Investors bid for 47.11 lakh equity shares against an offer size of 96.63 lakh. The issue closes on November 11.Retail investors have put in bids for 2.56 times of shares reserved for them.The portions for non-institutional investors booked only 5 per cent, while qualified institutional buyers’ (QIBs) portion have put in bids for 2 per cent shares of their reserved portion.The company plans to raise Rs 2,073 crore through the public issue, while it has already mopped up Rs 933 crore from anchor investors on November 8, 2021.The offer size was cut down to 96.63 lakh equity shares, from 1.75 crore shares after fundraising via anchor book.The IPO is entirely an offer-for-sale by promoters and investors, so the company will not receive funds from the IPO.The price band for the offer has been fixed at Rs 1,120-1,180 per equity share.
Source link
Strange India 