Burger King India locked in 10% lower circuit for second day

Burger King India shares were locked in 10% lower circuit for the second day in a row with prices sliding down to ₹161.45 on BSE, further extending the series of ups and downs witnessed since their listing on Monday. On the day of listing, it soared 125% over its initial public offering (IPO) price of ₹60 apiece. Then in the next two days, they were recorded in 20% upper circuit before seeing profit-taking.

The market cap of Burger India has now stooped down to ₹6,161.81 crore. Burger King India’s ₹810 crore IPO received an overwhelming response and was subscribed an imposing 156.65 times earlier this month. The quick-service restaurant chain currently controls 268 stores in India and out of them, eight are franchises, mainly placed at airports, while the rest is owned by the company.

In lieu with massive investor response of Burger King IPO, Mrs Bectors Food Specialities Initial Public Offer was subscribed an impressive 198 times on the last day of subscription on Thursday. The initial share sale of Mrs Bectors Food Specialities got oversubscribed within a few hours of opening for subscription on Tuesday. Following Burger King India, this is the second Initial Public Offer (IPO) this month to have registered over subscription in a few hours of opening for public subscription.

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