Devyani International IPO
Devyani International IPO — date, price band, lot size & details 2021
Devyani International listed on 16 Aug 2021 at ₹140.9, 56.6% above the ₹90 issue price.
Devyani International is the largest franchisee of Yum Brands in India and runs KFC, Pizza Hut and Costa Coffee stores. It had 655 stores across 155 cities on 31 March 2021.
Stock price
Devyani International is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 04 Aug 2021
- Close 06 Aug 2021
- Allotment 11 Aug 2021
- Refund/credit 12 Aug 2021
- Listing 16 Aug 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 4 to 6 Aug, 2021 |
|---|---|
| Price Band | ₹86 – ₹90 |
| Face Value | ₹1 |
| Lot Size | 165 Shares |
| Issue Size | ₹1838 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,850 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 165 shares at the ₹90 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 165 | ₹14,850 |
| Retail (max) | 13 | 2,145 | ₹1,93,050 |
| S-HNI (min) | 14 | 2,310 | ₹2,07,900 |
| S-HNI (max) | 67 | 11,055 | ₹9,94,950 |
| B-HNI (min) | 68 | 11,220 | ₹10,09,800 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It is the largest Yum Brands franchisee in India, with 696 stores across 166 cities on 30 June 2021.
- 02The company moved from a loss of Rs 42.67 crore in FY2020 to a profit of Rs 18.34 crore in FY2021.
- 03Total borrowing fell from Rs 544.09 crore on 31 March 2020 to Rs 463.33 crore on 31 March 2021.
- 04Rs 324.00 crore of the fresh issue was planned for repaying debt.
- 05EBITDA stayed positive in every year shown, at Rs 226.93 crore in FY2021.
Risks · 6
- 01The pre-issue P/E was 562.5 at the upper band of Rs 90, based on EPS of Rs 0.16.
- 02Total income fell from Rs 1,535.04 crore in FY2020 to Rs 1,198.90 crore in FY2021.
- 03The business depends on franchise agreements with Yum Brands and Costa, which the brand owners control. Core brands and international stores gave 83.01% of revenue in Fiscal 2021.
- 04Net worth was negative at minus Rs 189.10 crore on 31 March 2020 and recovered to Rs 113.77 crore on 31 March 2021.
- 05Rs 1,398.00 crore of the Rs 1,838 crore issue was offer for sale, so most of the money went to selling shareholders.
- 06Promoter holding fell from 73.38% before the issue to 62.91% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Devyani International offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 1,668.41 | 1,883.58 | 1,807.49 |
| Total Income | 1,198.90 | 1,535.04 | 1,323.68 |
| Profit After Tax | 18.34 | -42.67 | -34.85 |
| EBITDA | 226.93 | 255.48 | 278.96 |
| NET Worth | 113.77 | -189.10 | -70.24 |
| Reserves and Surplus | -1.59 | -295.27 | -176.41 |
| Total Borrowing | 463.33 | 544.09 | 488.22 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Devyani International RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Devyani International IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹0.16 | ₹0.15 |
| P/E Ratio (x) | 562.50 | 600.00 |
| Market Cap at Offer Price (₹ Cr) | ₹10,316.25 | ₹11,004.00 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹90 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹424.82 Cr of the issue is earmarked to named objects.
About the company
It has three verticals. Core brands are KFC, Pizza Hut and Costa Coffee stores in India. The international business runs mainly KFC and Pizza Hut stores in Nepal and Nigeria. Other business covers its own brands such as Vaango and Food Street.
On 31 March 2021 it ran 655 stores across 155 cities in India, including 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. The count rose to 696 stores across 166 cities by 30 June 2021.
The IPO was Rs 1,838 crore, with Rs 440.00 crore of fresh issue and Rs 1,398.00 crore of offer for sale by Dunearn and the promoter RJ Corp. Rs 324.00 crore was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Devyani International IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Motilal Oswal Investment Advisors
44 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
Kotak Mahindra Capital Company Limited
49 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Rategain Travel Technologies (-15.3%).
CLSA India Pvt. Ltd
3 issues handledBest listing: Oswal Pumps (+3.3%). Weakest: Star Health and Allied Insurance Company (-6.1%).
Edelweiss Financial Services Ltd
8 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Devyani International?
The current Grey Market Premium is ₹40, or 44% over the issue price.
What is the Devyani International IPO price band?
₹86 to ₹90, on a face value of ₹1.
When is the allotment?
The basis of allotment is 11 August 2021, with listing on 16 August 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
