Devyani International: Quick service model will fuel growth
Shares of Devyani International jumped nearly 7.5% on Tuesday in early deals as expert believe the operator of KFC, Pizza Hut and Costa Coffee to benefit from its quick service restaurant business model.
The counter opened 2.6% higher at Rs 142.70, from its previous close of Rs 139.05, and hit the day’s high at Rs 149.40. So far this year, the stock has corrected 23%.
Devyani International’s earnings performance will reflect the growth momentum in coming years. Its EBITDA CAGR is pegged at 37% for FY20-24.
Devyani International had launched its Rs 1,838-crore initial public offering in early August and garnered a stellar subscription of 116.71 times, generating bids for 1,313.79 crore equity shares against an offer size of 11.25 crore equity shares.
The Devyani International stock price was listed at Rs 141 on the BSE and Rs 140.90 on the National Stock Exchange, against the issue price of Rs 90 per share on August 16.
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