News18» News»Business»Burger King IPO Attracts More Than Three Time Bids on Day 1
1-MIN READ

Burger King IPO Attracts More Than Three Time Bids on Day 1

Burger King

Burger King

Burger King has set aside up to 75 per cent of the issue for QIB and 15 per cent for Non-Institutional Investors (NIIs). It has reserved 10 per cent of the shares for retail investors. The company has fixed a price band of Rs 59-60 per share.

The initial public offer public offering of Burger King was subscribed more than three times on the first day of bidding. The Rs 810-crore issue opened for subscription on Wednesday and investors can bid till December 4.

The IPO attracted bids for 23,32,00,750 shares against the issue size of 7,44,91,524 shares, reported Economic Times. Burger King, the quick service restaurant (QSR) chain, on December 1 raised Rs 364.5 crore from anchor investors.

According to Financial Express, the shares reserved for retail investors were subscribed 14.3 times till afternoon, while that for non-institutional investors attracted bids for 53 per cent of the shares. Qualified Institutional Buyers (QIB) bid for 17 per cent of their reserved portion.

Burger King has set aside up to 75 per cent of the issue for QIB and 15 per cent for Non-Institutional Investors (NIIs). It has reserved 10 per cent of the shares for retail investors. The company has fixed a price band of Rs 59-60 per share.

The IPO comprises a fresh issue worth Rs 450 crore and promoter entity QSR Asia Pte Ltd shares worth Rs 360 crore. The promoter entity consists of up to six crore shares. The shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). They will be allotted on December 9 and the listing will take place on December 14.

The allocation and refund is being managed by the registrar of Burger King IPO, Link Intime India Pvt Ltd. CLSA India Private Limited, Edelweiss Financial Services Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited are book running lead managers to the Offer.

Burger King in May had undertaken a pre-IPO placement by way of right issue, allocating 13.2 million shares to the promoter selling shareholder at a Rs 44 per share. It also undertook another pre-IPO placement in November, raising Rs 92 crore through preferential allotment of 15.7 million equity shares.

The money received from the IPO will be used for paying off of debts and expansion of company-owned stores. The company currently operates 268 stores in India.

first published:December 03, 2020, 11:15 IST