Sapphire Foods India Limited IPO Subscription Status Day 2: Issue fully subscribed, retail portion booked 5.38 times

5.00 pm: At the closing of Day 2, the initial public offer of the omni-channel restaurant operator was booked 1.07 times, Retail Individual Investors(RIIs) subscribed the issue 5.38 times and NIIs contributed 0.29 % from its alloted quota     

3,30 pm: Sapphire Foods India Limited IPO saw overall bidding at 90%, retail portion being booked 4.56 times, while Non Institutional Investors subscribed the issue 21% of their category  

1: 40 pm: Sapphire Foods India Limited IPO overall subscription stood at 77%, while retail portion continue to lead the bidding with the category being booked 4.02 times.  

Sapphire Foods India Limited IPO was subscribed 0.68 times around 12.05 pm on second day of the opening of the initial public offer.  Retail Individual Investors (RIIs) subscribed the issue 3.58 times, while Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) booked the offer 0.08 times and 0.02 times.  

The three-day initial public offer of KFC, Pizza Hut operator opened on November 9 and will close on November 11, 2021.

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The company has fixed a price band of Rs 1,120-1,180 per equity share for this offer. The initial public offering is expected to raise Rs 2,073 crore. The IPO will be entirely an offer for sale (OFS) of 1,75,69,941 equity shares by promoters and existing shareholders.  

As per the company, up to 75 per cent of the shares has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.

Zee Business Managing Editor Anil Singhvi on Tuesday recommended to apply for this issue with long-term vision. Counting positives of the company, the Market Guru said, it has strong brands like KFC and Pizza Hut under its belt. Besides, impressive track record, strong growth potential, profitable at operational level and reasonable valuations would work for this IPO, said Anil Singhvi.  
 
Sapphire Foods IPO Timeline
Application start date: November 9, 2021  
Application close date: November 11, 2021  
Allotment start date:  November 16, 2021  
Refund initiation date: November 17, 2021  
Allotment finalisation date: November 18, 2021  
IPO listing date: November 22, 2021

Sapphire Foods, an omni-channel restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent, is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.