November 22, 2023

Burger King India IPO oversubscribed within hours led by robust retail demand

Burger King India’s IPO was subscribed over 2.51 times till 3:39 pm on the first day of subscription, data from BSE and NSE showed.

The initial public offering (IPO) of the quick-service restaurant (QSR) major Burger King India which opened earlier today, got oversubscribed within a few hours of opening aided by robust demand from the retail investors.

The IPO of the Indian subsidiary of the US-based fast food joint is set to continue till Friday, December 4. However, it was already subscribed over 2.51 times till 3:39 pm on the first day of subscription, data from BSE and NSE showed.

The Retail Individual Investors (RIIs) category has been subscribed over 12.68 times till 3:39 pm on Wednesday, data from the stock exchanges showed. However, demand from the other categories have been lukewarm so far.

Non Institutional Investors category received 36.27 per cent subscription so far while the Qualified Institutional Buyers (QIBs) category was subscribed 17.21 per cent, the data showed.

The price band of the fast food chain has been fixed at Rs 59-60 per share and investors can bid in a lot of 250 shares and multiples thereof. The stocks will be listed on both the BSE as well as the National Stock Exchange (NSE).

The IPO will see Burger King India raise Rs 810 crore, including a fresh issue of shares worth Rs 450 crore. The promoter QSR Asia Pte Ltd will sell up to 6 crore shares to fetch Rs 360 crore at the upper price band.

The company on Tuesday had raised Rs 364.5 crore from anchor investors.

Burger King India currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, and the rest are owned by the company.