Indian restaurant chain operator Sapphire Foods India Ltd has seen a significant shift in its ownership after WWD Ruby exited the firm by selling its entire 4.77% stake. The restaurant operator is the largest franchisee of Yum! Brands in the Indian subcontinent, with a network of over 500 KFC, Pizza Hut, and Taco Bell outlets across the region. WWD Ruby sold a total of 30,30,215 shares at an average price of ₹1,377.1 ($18.49) apiece, amounting to a transaction size of over ₹417 crore ($56 million) through open market transactions. The shares were purchased by investors including Goldman Sachs (Singapore) Pte, Nomura, and Societe Generale. Sapphire Foods’ shares finished 1.37% higher at ₹1,410.05 on the National Stock Exchange.
In December 2022, WWD Ruby had already sold 30.45 lakh scrips or a 4.8% stake in Sapphire Foods. Sapphire Foods’ omnichannel restaurant operation has experienced rapid growth as consumers increasingly dine out, making the Indian restaurant market an attractive investment opportunity. Despite the Covid-19 pandemic, Sapphire Foods’ delivery and takeaway business recorded a steady increase in revenue, reflecting changing consumer habits. As the business continues to expand, Sapphire Foods expects to capitalize on the growing popularity of takeout, delivery, and dining out trends.
