IPO
Jaipurias sell Rs.250-Cr stake before IPO of food services co Devyani
Ravi Jaipuria, the Delhi-based billionaire promoter of Devyani International Ltd, the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India, and his son Varun Jaipuria have sold Devyani shares worth INR 250 crore in a round ahead of the company's IPO. Devyani International has fixed a price band of INR 86-90 a share. The IPO comprises a fresh issue of INR 440 crore and an offer for sale of up to 155.33 million shares by its existing shareholders and promoters. The firm will raise INR 1,838 crore at the upper end of the price band. IIFL Special Opportunities Fund picked up shares worth INR 100 crore, SR Foundation bought shares worth INR 75 crore, Dharampal Satyapal bought shares worth INR 25 crore, and DLF Urva Real Estate Developers and Services Bought shares worth INR 15 crore. Devyani will use the proceeds from the IPO to repay some or all borrowings of its firm. The aggregate outstanding borrowings of the company on a consolidated level were INR 541.59 crore.
From Venture Intelligence PE-VC Deals Database : Between May'11 to Oct'14 Devyani raised over INR 637 Cr from ICICI Venture and Temasek. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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