Devyani International has received approval from SEBI for its initial public offering (IPO). The IPO will consist of a new issue of shares worth Rs 400 crore and a sale offer of up to 12.5 crore of shares. Devyani International is Yum Brands’ largest franchisee in India, in addition to operating quick service restaurant (QSR) brands such as Pizza Hut and KFC, and its own brands Vango and Food Street.

Proceeds from the IPO will be used to repay debt and for general corporate purposes, according to the draft red herring prospectus.

Devyani International is led by Ravi Kant Jaipuria, promoter of RJ Corp and Virag Joshi, president and CEO. The company’s activities are generally classified into three verticals namely KFC, Pizza Hut and Costa Coffee. It operated 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee stores across India, as of March 2021.

Devyani International is Yum Brands’ largest franchisee, operating core brands such as Pizza Hut, KFC and Costa Coffee, as well as its own brands such as Vaango, Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and Motilal Oswal Investment Advisors are the investment bankers of the IPO.