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| Jubilant Foods files DRHP to raise Rs 300 crore |
| BS Reporter / New Delhi Oct 13, 2009, 00:18 IST |
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The Shyam S Bhartia-promoted Jubilant Foodworks, which runs the Domino’s Pizza network in India, has filed a draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi).
Jubilant, which currently has a 67 per cent stake in Domino’s India, plans to raise around Rs 300 crore. The shares are proposed to be listed on the BSE and NSE.
The company is offering 22.67 million of equity shares with a face value of Rs 10 each for cash. Of this, 20.40 million shares will be offered to the public. The price band and minimum bid lot will be decided by the company in consultation with the book running lead manager Kotak Mahindra Capital Company Ltd, and advertised at least two working days prior to the bid/offer opening date.
The offer comprises a fresh issue of 4 million equity shares by the issuer and an offer for sale of 18.67 million shares by the India private equity fund (Mauritius) and Indocean Pizza Holding Ltd. The offer shall constitute 35.69 per cent of the post-offer share capital of the company.
Incidentally, J P Morgan, which has 18.5 million shares, plans to exit the company. Ajay Kaul, CEO, Domino’s Pizza India, says: “It’s an amicable exit. They are expecting a good valuation, so they plan to exit. We will be using the proceeds to repay debt and future corporate projects like expansion.” The company has a Rs 85-crore debt.
The offer is being made through the 100 per cent book building process wherein at least 50 per cent of the net offer will be available for allocation on a proportionate basis to QIBs. The company may allocate up to 30 per cent of the QIB portion to anchor investors on a discretionary basis.
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