Issue Details

Offer Breakup

Issue Amount : Upto 1,838 Cr (Fresh issue of ` 440 Cr + OFS of ` 1,398 Cr)

Post Issue Implied Market Cap: Rs.10,823 Cr at Upper band

Total shares on offer : Upto 206,496,120 Equity Shares at Lower band

Face Value : ₹1 per share

Price Band : ₹86 to ₹90

Lot Size : 165 shares

Registrar : Link Intime India Private Limited

Source : BRLM

Source : BRLM.

All you need to know aboutDEVYANI INTERNATIONAL LIMITED

Allocation

75%

15%

10%

-

100%

Category

QIB

NIB

Retail

Employee

Total

Issue size (Shares approx)

154,459,590

30,891,918

20,594,612

550,000

206,496,120

152,754,165

30,550,832

20,367,221

550,000

204,222,218

Lower Band Upper Band

1,328.35

265.67

177.11

4.73

1,775.86

1,374.79

274.96

183.30

4.95

1,838.00

Lower Band Upper BandIssue size ( ₹ in Cr)

IPO timeline

11 August2021

13 August2021

16 August2021

12 August2021

IPO Open: Wednesday, August 04, 2021

IPO Close:Friday, August 06, 2021

`

`

4AUGUST

The objective of the offer

Source : BRLM. Dates are tentative

Source : RHP

Finalization ofbasis of allotment

Refunds/UnblockingASBA fund

Credit of equityshares to DP account

Tradingcommences

Repayment/prepayment of all or certain of our borrowings,

General corporate purposes

In addition, the Company expects to receive the benefits of listing of Equity Shareson the Stock Exchanges including enhancing its visibility and its brand imageamong its existing and potential customers and creating a public market for itsEquity Shares in India.

`

About the company

Source : RHP

Devyani International Ltd is the largest franchisee of Yum Brands in India and are among the largest operators of chain Quick Service Restaurants (“QSR”) in India (Source: GlobalData Report), on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 50,000 restaurants in over 150 countries, as of December 31, 2020. The Company’s business is broadly classified into three verticals that includes stores of KFC, Pizza Hut and Costa Coffee operated in India (KFC, Pizza Hut and Costa Coffee referred to as “Core Brands” and such business in India referred to as the “Core Brands Business”); stores operated outside India primarily comprising KFC and Pizza Hut stores operated in Nepal and Nigeria (“International Business”); and certain other operations in the F&B industry, including stores of its own brands such as Vaango and Food Street (“Other Business”). Revenue from its Core Brands Business, together with its International Business, represented 83.01%, 82.94% and 94.19% of our revenue from operations in Fiscals 2019, 2020 and 2021, respectively.

The company began its relationship with Yum in 1997, when it commenced operations of its first Pizza Hut store in Jaipur. The company has subsequently continued to expand its operations with both KFC and Pizza Hut franchises, and as of March 31, 2021, operated 264 KFC stores and 297 Pizza Hut stores across India. It operated 284 KFC stores and 317 Pizza Hut stores in India as of June 30, 2021. In its Core Brands Business, the company had an extensive presence in 26 states and three union territories in India as of March 31, 2021 and June 30, 2021. In addition, It’s a franchisee of the Costa Coffee brand in India, which is owned by Costa, and operated 44 Costa Coffee stores as of March 31, 2021 and June 30, 2021. It has been consistently expanding the store network over the years.

Besides the pandemic, increasing internet and mobile penetration within India and the advent of food delivery apps are key factors to lead consumers away from traditional dine-in experiences and towards convenience-driven options (Source: GlobalData Report). It is among the single largest QSR companies in India that is listed on the Swiggy platform, and is among the largest QSR companies in India listed on the Zomato platform in the calendar years 2019 and 2020. The prevalence of home delivery in the Indian QSR industry is expected to continue to grow due to changing lifestyles and changing consumer eating patterns in the post-COVID atmosphere. The company intends to grow its store network to be focused on delivery and takeaway formats while ensuring safety and convenience for customers who prefer to dine-in. The company intends to continue to focus on enhancing its operations with the increased adoption of digital and technology measures including implementing artificial intelligence and machine learning measures to ensure greater customer satisfaction.

Strengths

Source : RHP

Source : RHP

Risks

Portfolio of highly recognized global brands

catering to a range of customer preferences

Multi-dimensional comprehensive QSR player

Presence across key consumption markets with a

cluster-based approach

Uncertainty of the continuing impact of the

ongoing COVID-19 pandemi

Termination of or inability to renew the arrangements with

Yum for its KFC and Pizza Hut stores that comprise a significant majority of its

business

Termination of or material modification to the existing

terms of the Costa IDA affecting the ability to continue its Costa

business

Disciplined financial approach with focus on cash flows and

returns

Distinguished Board and experienced senior management team.

Cross brand synergies with operating leverage

Adverse remarks/ qualifications/matters of emphasis in the Audited Consolidated Financial

Statements

Business heavily dependant on success of

core Brands

Losses incurred in Fiscal 2019, 2020 and 2021

which resulted in erosion of its net worth

Important Financial Data

Source : RHP. RHP. Revenue growth for FY 19 not known as FY 18 numbers unavailable

Particulars(in ₹ crore)Total Assets

EBITDA

Revenue Growth(%)

TotalBorrowings

Revenue fromOperations

Basic EPS(₹)

RONW(%)

Net Profitas % to Revenue

1,807.49

1,310.59

NA

488.21

278.96

-94.14

-0.50

NA

1,883.57

1,516.38

15.70

544.09

255.48

-121.42

-1.14

NA

1,668.40

1,134.83

-25.16

463.32

226.92

-63.00

-0.75

-48.52

Particulars(in ₹ crore)

As atMarch 31,

2021

As atMarch 31,

2020

As atMarch 31,

2019

Peer Comparison

Source: RHP.*Financial information for listed industry peers mentioned above is for the year ended March 31, 2021.

Name of Company Face Value(₹ Per Share)

Diluted

EPS, forFinancial Year

2020 (₹)

NAV(₹ per share)

P/E

Basic

Jubilant FoodWorks Limited

DevyaniInternational

Limited

10

2

10

3384.95

1030.33

522.93

17.55

(6.38)

(5.47)

17.55

(6.38)

(5.47)

108.12

30.89

17.59

179.21

NA

NA

16.16

(20.66)

(25.82)

WestlifeDevelopment

Limited

Burger King IndiaLimited

1 1198.89 (0.50) (0.50) 1.03 [.] (48.52)

RoNW(%)

Listed Peers#

Total income(in ₹ Cr)

Log in to the Paytm Money app and complete your fully digital KYC

01

On the IPO home screen, you can apply for the open IPOs

03

Once the KYC is done, click on the IPOs on the home screen

02

To apply, enter the bid-ding details like quantity, price, and so on

04

Enter UPI id & accept the mandate of the same on UPI app to successfully submit IPO application

05 Once the allotmenthappens, you would be notified about yourallotment status

06

Now, Apply for IPOs of your favourite companies on Paytm Money App in less than 30 seconds

Easy Apply via your UPI ID within minutes

Track IPOs and modify bids effortlessly

As the key benefit, you can apply for all the latest IPOs via UPI ID which is linked to your bank account within minutes. This way you can avoid the inconvenience of mentioning your bank details and can complete the IPO application process in a hassle-free and less time-consuming manner. Now you don’t need to wait for close to 10 working days from the issue closure to the listing date. The entire process gets completed within 3-4 days now. This has been possible via the UPI payment mechanism.

Additionally, you get to track the upcoming anticipated IPOs, view company history and details, download prospectus, and also analyze the performance of past IPOs on our platform. Besides, if you want to make changes to your bids in the IPO application, all you need to do is cancel the application and reapply easily, within the IPO window.

Last 10 IPO Performances

For more details refer offer documents on sebi www.sebi.gov.inThe securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.

Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Source : BRLM & Moneycontrol. Anchor portion excluded for subscription details.

Invest in Upcoming IPOs & be a part of a company's initial growth storyIn the FY 2021, the country’s stock exchanges (both NSE and BSE combined) witnessed 30 IPOs excluding REIT’s and FPO’s and raised proceeds worth Rs 31,276.74 crores in total. Some of the successful IPOs of FY 2021 were Burger King, Indigo Paints, Happiest Minds, and Mrs Bectors among others. In December some of the most successful IPO was Burger King that saw a listing day gain of 130.67% and Mrs Bectors that saw a listing gain of 106.79%. The same fervour continued in January with 4 back to back IPOs including major IPOs of Indigo paints and IRFC. In February Nureca IPO yielded a listing gain of 66.66% while Railtel also gave a 28% gain. March 2021 has been a busy month with 9 IPOs. While IPOs of Suryoday Small Finance Bank, Kalyan Jewellers, Craftsman Automation and Anupam Rasayan traded at a discount on listing day MTAR technologies was subscribed over 200 times and Nazara over 175 times and had a listing gain of 88.22% and 44.60% respectively. June had over 5 IPOs with 4 of them having listing gains as of 30th June. July was also a huge month with 6 IPOs including Zomato, GR Infra and Clean Science which had huge listing gains.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.Paytm Money Ltd SEBI Reg No. Broking - INZ000240532. NSE (90165), BSE(6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019.

Visit www.paytmmoney.com for complete disclaimers.

Tatva Chintan Pharma Chem Ltd

Zomato Limited

G R Infraprojects Limited

Clean Science and Technology Limited

India Pesticides Limited

Dodla dairy Ltd

KIMS

Shyam Metalics and Energy Limited

Sonacomstar

Macrotech Developers (Lodha Group)

500

9,375

962

1,546

800

520

2,143

909

5,550

2,500

20-Jul-21

16-Jul-21

9-Jul-21

9-Jul-21

25-Jun-21

18-Jun-21

18-Jun-21

16-Jun-21

16-Jun-21

9-Apr-21

35.68

7.87

12.57

9.2

11.3

11.34

2.9

11.64

1.58

0.4

182.04

40.38

102.58

95.54

29.04

45.62

3.84

120.93

2.8

1.36

1083

76

837

900

296

428

825

306

291

486

95.0

52.6

105.0

95.0

18.2

28.5

22.3

24.2

3.4

-10.3

2267.85

133.5

1732.2

1682

337.6

617.8

1205.45

436.4

439.5

853.8

109.4

75.7

107.0

86.9

14.1

44.3

46.1

42.6

51.0

75.7

IPO NameIPO closing Date

Issue Size(` in crs)

RetailSubscription

TotalSubscription

Issue Price (in ₹)

ListingGains(%)

2111.85

116

1715.85

1755

350

550

1009

380

301

436

List Price (in ₹)

CMP as of29-07-21

(in ₹)

Curr Gains (%) as of 29-07-21