Burger King India debuted in the Indian stock markets nearly doubling its listed price on Monday. The stock was trading at Rs 138 per share at the time of writing this story
The Indian subsidiary of the US-based QSR chain Burger King had fixed its issue price at Rs 60 per share. On the Bombay Stock Exchange, the scrip has been listed at Rs 115.35, a 92.35% rise while it has been listed at Rs 112.50 on National Stock Exchange, an 87.75% increase rise.
Burger King India's IPO of Rs 810 crore was subscribed a whopping 156 times during its run from 2 to 4 December. Its Qualified institutional Buyer (QIB) portion was subscribed 86.84 times, its retail segment portion was subscribed 68.15 times while its high net-worth individuals portion was subscribed 354.11 times.
Burger King India has become the fourth IPO in 2020 to be subscribed more than 100 times after the public sector defence manufacturer Mazagon Dock Shipbuilders (157.41 times), IT service provider Happiest Minds (156.65 times) and speciality chemicals manufacturer Chemcon Speciality (149.3 times).
Burger King India's franchise rights are held by QSR Asia, a subsidiary of private equity fund Everstone Capital, who will see their shareholdings decrease to 59.88% from the pre-IPO shareholding of 94.35%. Burger King India had initially planned to go public in March 2020 but put it on hold after the Indian markets fell due to a fear of an impending global slowdown and the COVID-19 pandemic.
Burger King India owns 259 restaurants and nine franchised restaurants in India. It aims to increase its foothold in the country by operating at least 700 restaurants by December 2026.
Updated On: 2020-12-14T16:14:40+05:30