Multi-brand food services company Curefoods India has filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO).
The upcoming IPO will consist of a fresh issue of shares worth ₹800 crore and an offer-for-sale (OFS) involving 4.85 crore equity shares by existing stakeholders, as detailed in the draft red herring prospectus (DRHP).
As part of the OFS, shareholders including Curefit Healthcare, Iron Pillar PCC, Crimson Winter, Accel India V, Chiratae Ventures India Fund IV, Global eCommerce Consolidation Fund, and Alteria Capital Fund will divest their holdings.
Bengaluru-based Curefoods India, which owns brands like CakeZone and Nomad Pizza, also aims to raise up to ₹160 crore in a pre-IPO round.
Curefoods India IPO other details
From the IPO proceeds, ₹152.54 crore is earmarked for expansion and equipment— ₹126.32 crore will go toward establishing new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; ₹19.91 crore for expanding select existing cloud kitchens by adding new brands; and ₹6.31 crore for acquiring machinery and equipment.
Additionally, ₹126.93 crore will be used to repay debt, ₹40 crore for lease obligations related to its properties in India, and ₹14 crore will support sales and marketing.
The company will also invest ₹91.96 crore in its subsidiary Fan Hospitality Services, ₹11.35 crore in Cakezone Foodtechs, and ₹81.15 crore to increase its stake in three subsidiaries: Millet Express Foods, Munchbox Frozen Foods, and Yum Plum.
Some proceeds will be allocated for future acquisitions, strategic initiatives, and general corporate purposes.
Curefoods India operates as a tech-enabled, multi-brand food services platform, offering a wide range of cuisines through both delivery and dine-in formats via cloud kitchens, kiosks, and restaurants.
JM Financial, IIFL Capital Services, and Nuvama Wealth Management are acting as the book-running lead managers for the public offering.
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