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Burger King India to launch IPO on December 2, price band at Rs 59-60 per share

Burger King India IPO: The share sale, which will close on December 4, will be held in a price band of Rs 59 to Rs 60 per share.

twitter-logoBusinessToday.In | November 27, 2020 | Updated 11:54 IST
Burger King India to launch IPO on Dec 2, price band at Rs 59-60 per share
Burger King India plans to raise Rs 810 crore through the share sale at the higher end of price band.

Burger King India, a quick service restaurant chain, is expected to launch its initial public offering (IPO on December 2. The share sale, which will close on December 4, will be held in a price band of Rs 59 to Rs 60 per share. Shares will be available in a lot size of 250 shares and thereof. The company plans to raise Rs 810 crore through the share sale at the higher end of price band.

The offer will comprise a fresh issue of 7.5 crore shares amounting to  Rs 450 crore, while the promoter entity QSR Asia Pte Ltd will sell up to 6 crore shares, aggregating to  Rs 360 crore at the upper end of the price band.

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. The company's shares are proposed to be listed on the BSE and the NSE.

Allotment of shares will be done on December 9 and shares of the firm are likely to be listed on December 14. 

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). 

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