Burger King India IPO Subscribed Nearly Fivefold On Day 2 So Far
Men sit in front of an advertisement for a menu item outside a Burger King restaurant in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Burger King India IPO Subscribed Nearly Fivefold On Day 2 So Far

Burger King India Ltd. continued to attract strong investor interest on the second day of its initial public offering.

The issue was subscribed 4.86 times as of 12:20 p.m. on Dec. 3, led by retail investors, according to data from the exchanges. The portion reserved for high net worth individuals were also fully subscribed.

Subscription details:

  • Institutional investors: 25%
  • High net worth individuals: 1.2x
  • Retail investors: 24x

The burger chain operator plans to raise Rs 810 crore through the maiden offer, the price band for which has been fixed at Rs 59-60 apiece, according to its red herring prospectus. The IPO comprises a fresh equity issue worth Rs 450 crore and an offer-for-sale of 6 crore shares by promoter QSR Asia Pte Ltd. worth Rs 360 crore.

According to a statement, the company raised Rs 364.5 crore by allocating 6.07 crore shares to 55 anchor investors including Fidelity Funds, Government of Singapore, Amansa Holdings Pvt., HDFC Trustee Co. and ICICI Prudential.

The proceeds from the share sale, Burger King said, will be used to repay borrowings and open new stores.

Also read: Burger King India IPO: Here’s All You Need To Know

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