Shardul Amarchand Mangaldas & Co advises Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and Motilal Oswal Investment Advisors Private Limited on an initial public offering by Devyani International Limited

August 17, 2021

Shardul Amarchand Mangaldas & Co advised Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and Motilal Oswal Investment Advisors Private Limited on Devyani International Limited’s initial public offering valued at ₹ 22,178 million (₹ 18,380 million by way of IPO and ₹ 3,798 million by way of pre-IPO sale by promoters). The date of closing was 11 August 2021 and Devyani International Limited got listed on BSE Limited and National Stock Exchange of India Limited on 16 August, 2021.

Devyani International Limited is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants in India, on a non- exclusive basis. The IPO received a stellar response from investors as it was subscribed 116.7 times. The portion reserved for qualified institutional buyers was subscribed 95.27 times and that of non-institutional investors 213.06 times, while the portion set aside for retail investors saw a subscription of 39.48 times.

The Transaction team was led by Prashant Gupta, Partner; Sayantan Dutta, Partner; Trishita Dasgupta, Senior Associate; Maharghya Biswas, Senior Associate; and Pulkit Singh Rahangdale, Associate.

Cyril Amarchand Mangaldas advised Devyani International Limited, Hogan Lovells Lee & Lee advised BRLM on international legal aspect and J. Sagar Associates advised Dunearn Investments (Mauritius) Pte. Ltd (Temasek).