Coffee Day Enterprises priced its Rs11.5 billion $175 million initial public offering at the top end of guidance on Monday, albeit thanks only to overwhelming demand from qualified institutional buyers.
India’s biggest coffee chain settled the final price at Rs328 per share for non-anchor investors, the highest end of the price band announced earlier this month.
A total of 35 million shares will be issued at that price, equating to 17.02% of the company's enlarged share capital and giving Coffee Day a market capitalisation of Rs67.5 billion, as well as a price-to-sales multiple of 2.65 times on a historical basis....
¬ Haymarket Media Limited. All rights reserved.
