Starbucks’ Indian rival falls on trading debut

Coffee Day Enterprises, the Indian cafe operator and coffee exporter, fell on its trading debut after the company and investors, including US private equity house KKR & Co, raised 11.5bn rupees (€159m) in India’s biggest share sale in three years.

The stock fell to 270.45 rupees, 18% lower than the initial offering price of 328 rupees, by the close of its first day of trading in Mumbai.

Coffee Day is a holding company for several businesses, the most prominent of which is Cafe Coffee Day, which runs about 1,650 cafes across the country.