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Burger King India IPO subscribed 156 times on last day

Burger King India IPO: 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

twitter-logoBusinessToday.In | December 4, 2020 | Updated 18:15 IST
Burger King India IPO subscribed 156 times on last day
The quick service restaurant chain launched its IPO on December 2. The share sale, which will close on December 4, is being in a price band of Rs 59 to Rs 60 per share.

The initial public offering (IPO) of Burger King India, a quick-service restaurant chain, received subscription 156 times the issue size on the third and last day of bidding today. 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 have 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.

On day two of the IPO, the firm received subscription 9.38 times the issue size. It received bids for 69.86 crore equity shares (9.38 times) against IPO size of 7.45 crore equity shares.

On day 1, the IPO received subscription 3.13 times the issue size. It received bids for 23.32 crore equity shares (3.13 times) against IPO size of 7.45 crore equity shares.

The quick service restaurant chain launched its IPO on December 2. The share sale, which will close on December 4, is being 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 plans to raise Rs 810 crore through the share sale at the higher end of price band.

The offer comprises 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.

Burger King India collects Rs 364 cr from anchor investors

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).

Burger King India IPO opens: Should you subscribe to the share sale?

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