The initial share-sale of Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, will open for public subscription on November 9.

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The three-day initial public offering (IPO) will conclude on November 11, according to the red herring prospectus (RHP).

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The initial share-sale will be entirely an offer-for-sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders.

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

According to market sources, the IPO is expected to fetch Rs 1,500-2,000 crore.

Sapphire Foods, an omni-channel restaurant operator and the largest franchisee of Yum Brands in the Indian sub-continent, is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss.

As of March 31, 2021, Sapphire Foods owned and operated 204 KFC restaurants in India and the Maldives, 231 Pizza Hut restaurants in India, Sri Lanka and the Maldives, and two Taco Bell restaurants in Sri Lanka.

JM Financial, BofA Securities, ICICI Securities and IIFL Securities are the lead managers to the company's public issue. The equity shares of the company will be listed on BSE and NSE.

Devyani International, which is the other franchisee of Yum! Brands in India, operates 297 Pizza Hut stores and 264 KFC stores. It launched its Rs 1,838-crore IPO in August.