Burger King India IPO Subscribed 9.38 Times On Second Day
Burger King India’s initial public offer was subscribed 9.38 times on the second day of subscription on Thursday.
The company's initial public offer received bids for 69.86 crore shares against the total offer size of 7.44 crore shares, as per data available with the NSE.
The portion meant for qualified institutional buyers was subscribed 2.7 times, non-institutional investors 3.61 times and retail individual investors 37.84 times.
The initial share sale got oversubscribed within a few hours of opening for subscription on Wednesday.
The initial public offer will see the Indian subsidiary of the U.S.-based Burger King raise Rs 810 crore, including a fresh issue of shares worth Rs 450 crore.
Promoter entity QSR Asia Pte Ltd will sell up to 6 crore shares through the IPO. At the upper end of the price band, the sale would fetch Rs 360 crore.
Price range for the offer, which would close for subscription on Friday, has been fixed at Rs 59-60 per share.
Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are the managers to the offer.
Burger King India had on Tuesday raised Rs 364.5 crore from anchor investors.
The quick service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest are owned by the company.
Research reports on Burger King India IPO:
- ICICI Direct: Burger King IPO - Investment Rationale
- Nirmal Bang: Burger King IPO - Analyst Meet Takeaway
- Anand Rathi: Burger King IPO - Investment Rationale
- KRChoksey: Burger King IPO Review
- Prabhudas Lilladher: Burger King IPO - A Play For The Long Haul
- Geojit: Burger King IPO - A Fast-Growing Brand In QSR Category