NEW DELHI: The Rs 1,838 crore IPO by Devyani International kicked off on Wednesday. On the block is a fresh issue of shares aggregating Rs 440 crore and an offer for sale (OFS) of up to 15.53 crore shares 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.