/connect-gujarat-english/media/post_banners/wp-content/uploads/2020/12/7-13.jpg)
Follow Us
Burger King India made a strong share market debut on Monday with its stock listing at 92.25% gain over issue price on BSE. Share of Burger King India opened at Rs 115.35 against issue price of Rs 60.
The stock further rose to Rs 119.50, clocking 99.16% gains intra day over issue price on BSE.
On NSE, the share opened 87.5% higher at Rs 112.50 against the issue price. On NSE, the share rose up to 99% at Rs 119.40 in early trade. About 7.78 crore shares changed hands in early trade on NSE.
The quick service restaurant chain opened its initial public offering (IPO) on December 2. The share sale, which closed on December 4, was held in a price band of Rs 59 to Rs 60 per share. Shares were available in a lot size of 250 shares and thereof.
The company planned to raise Rs 810 crore through the share sale at the higher end of price band. The offer comprised fresh issue of 7.5 crore shares amounting to Rs 450 crore, while the promoter entity QSR Asia Pte Ltd sold up to 6 crore shares, aggregating to Rs 360 crore at the upper end of the price band.
Burger King supplier Mrs Bectors Food’s IPO to open on December 15
Net proceeds from the fresh issue of shares will be utilised for funding the rollout of new company-owned Burger King Restaurants and for general corporate purposes. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are managers of the share sale.
On the third day of IPO, the firm received subscription 156 times the issue size. The Rs 810-crore IPO received bids for 1,166 crore equity shares (156.65 times) against IPO size of 7.45 crore equity shares, as per the data available on stock exchanges. Retail investors lapped up the IPO with their reserved portion subscribed 68.14 times on Day 3.
The portion set aside for non-institutional investors saw subscription of 354.1 times and that of qualified institutional investors 86.6 times. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial were managers of the share sale.
As of September 2020, the company had 261 restaurants including eight sub-franchised Burger King Restaurants across 17 states and union territories and 57 cities across India, as per the addendum to the draft red herring prospectus (DRHP).
Burger King India IPO subscribed 3.13 times on first day