Devyani International share price: Newly listed stock reverses trend from profit-booking to up 7% today

On the second of its trading session, the newly listed Devyani International shares jumped almost 7 per cent to a day’s high level of Rs 131.7 per share on the BSE intraday trade on Tuesday. The scrip in its market debut Monday jumped over 55 per cent premium to Rs 140 per share on the exchanges.

The counter made a new 52-week high of Rs 141.05 per share on the BSE, and Rs 140.9 per share on the NSE. It witnessed a profit booking immediate after listing and fell by 12.5 per cent to Rs 123.35 per share on the BSE at the market close on Monday.

See Zee Business Live TV Streaming Below:

Ahead of its listing, Zee Business Managing Editor and the Market Guru Anil Singhvi had advised long term investors to stay with the stock for the targets of Rs 175 and Rs 200 per share. 

The counter in the last two sessions, however, has declined by over 6.5 per cent from its life high level of Rs 141.05 per share on the BSE. At around 1:00 pm, the stock has been trading above 2 per cent higher to Rs 126 per share on the BSE versus 0.22 per cent fall in the S&P BSE Sensex.

The stock is up over 37 per cent from its issue price of Rs 90 per share at the upper end.

The three-day IPO of Devyani International was launched between August 4-6, 2021 and it was subscribed 75.54 times during the same period. The company operates quick-service restaurants like Costa Coffee, KFC and Pizza Hut.

With an IPO size of Rs 1838 crore, it comprised of a fresh issue of up to Rs 440 cr and an Offer for Sale (OFS) of up to 155,333,330 equity shares. It had kept a price range of Rs 86-90 per share.

The net proceeds raised through the IPO will be utilised to pay its debts and reduce the interest cost of Devyani International. It has registered a market capitalisation of over Rs 15,000 crore on BSE.