Indian stock markets are celebrating an IPO that hasn’t even received regulatory approval yet.Devyani International, the biggest Indian franchise of US-based fast-food company Yum! Brands, has filed papers with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The Gurugram-headquartered company runs the outlets of Pizza Hut, KFC, and Costa Coffee, and has 655 stores across India, Nepal, and, Nigeria, as per its draft offer documents filed with SEBI.The company hopes to raise Rs1,400 crore ($193 million) through the IPO, which it will use to repay debt worth Rs357.8 crore, and general corporate purposes.Read the rest of this story on qz.com. Become
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