NEW DELHI: The Rs 1,838 crore IPO by Devyani International was fully subscribed on the first day of the bidding process.
At 5:00 pm, the issue received bids for 30,23,56,560 shares, which was 2.7 times the issue size of 11,25,69,719 shares.
The IPO is being sold in the Rs 86-90 price band. Last heard, the unlisted stock was commanding a grey market premium of Rs 63-65.
Since the largest franchisee of KFC, Pizza Hut, and Costa Coffee is a loss-making firm, analysts are valuing it on metrics such as EV/Ebitda and EV/sales, and largely have a subscribe rating on the issue. Some of them even suggest subscribing for listing gains.
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