Burger King India has launched its initial public offering (IPO) today. One can bid for the share in a price band of Rs 59-Rs 60 per share. A single bid will contain a minimum of 250 shares equivalent to 1 lot and thereof. One can apply for a maximum 18 lots during the share sale which will end on December 4.
The company plans to raise Rs 810 crore through the share sale at the higher end of price band.
The firm garnered Rs 364.5 crore from anchor investors ahead of its IPO on Tuesday. The anchor investors include government of Singapore, Sundaram Mutual Fund, SBI Mutual Fund, Integrated Core Strategies Asia Pte Ltd, HDFC Trustee Company Ltd and ICICI Prudential Mutual Fund.
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.
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).