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Oct, 14 2015

IPO-bound CCD to raises Rs 334 crore

The company is planning to raise Rs 1,150 crore through its maiden offering, making this the largest IPO in nearly three years. The IPO will open on Wednesday and close on Friday.

On Tuesday, IPO-bound Coffee Day Enterprises, which runs Cafe Coffee Day (CCD) chain, allotted a little over 1 crore shares to 17 institutional investors at Rs 322 per share, aggregating about Rs 334 crore. The placement to anchor investors was in the mid-range of the IPO price band of Rs 314-328, reported by TNN.

The company is planning to raise Rs 1,150 crore through its maiden offering, making this the largest IPO in nearly three years. The IPO will open on Wednesday and close on Friday.

The 17 institutional investors who bought shares a day before the IPO opened include global assets management giant Blackrock, Government Pension Fund Global, ICICI Prudential Mutual Fund, Reliance Life Insurance, Merrill Lynch, Swiss Finance Corp, Axis MF, Faering Capital India Evolving Fund, Jupiter India Fund, Platinum Asia Fund and Tarra Fund, says a press release.

In the IPO, the company is diluting a little over 17.5 per cent stake, translating to a valuation of close to Rs 6,500 crore or a little over $1 billion. Private equity major KKR, along with New Silk Route hold shares in the company that runs over 1,500 coffee shops around India and some more abroad.

Coffee Day shares will be listed on the BSE and NSE. The matter is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets, Morgan Stanley, Axis Capital, Edelweiss Financial Services and Yes Bank.

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