The quick service restaurant (QSR) Burger King India has opened its three-day initial public offering (IPO) today. The company aims to raise Rs 810 crore via the IPO. The issue comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale (OFS) of up to 60 million shares by promoter entity QSR Asia Pte Ltd worth Rs 360 crore.
Burger King India’s initial public offering (IPO) has been fixed at Rs 59-60 per share. The Rs 810 crore issue will close on 4th December. The company has reserved up to 10% portion of IPO for retail investors, up to 15% for non-institutional investors and up to 75% for qualified institutional investors. Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.
Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and JM Financial Limited are the book running lead managers to the Offer.
Link Intime India Pvt Ltd is the registrar of Burger King IPO and will manage allocation and refund.
Burger King India shares are proposed to listed on BSE and NSE. Share allotment is likely to be finalized on 9th December and listing may happen on 14th December 2020, according to brokerages.
In May 2020, Burger King India by way of the right issue had undertaken a pre-IPO placement. It allotted 13.2 million shares to the promoter selling shareholder at a price of Rs 44 per share aggregating to Rs. 58 crore. In another pre-IPO placement in November 2020, the company has raised Rs 92 crore through preferential allotment of 15.7 million equity shares to Amansa Investment Ltd. at a price of Rs 58.5 per share.
Burger King is the fastest-growing international QSR chain in India during the first five years of their operations, based on the number of restaurants. The Burger King brand is the second largest fast-food burger brand globally.