Burger King’s Rs 810 crore preliminary public providing (IPO) acquired a powerful response from the retail buyers. The fast service restaurant chain’s public subject was subscribed 9.38 instances on December 2, the second day of bidding. The main supply was subscribed 37.84 instances within the retail class, 2.70 instances within the certified institutional patrons (QIB) portion and three.61 instances within the non-institutional buyers (NII) class. The IPO will shut for bidding on December 4. The shares, that are being provided within the worth band of Rs 59-60 per share, are more likely to be listed on the BSE Sensex and NSE Nifty on December 14.
The IPO was oversubscribed (greater than 3 times) on the primary day itself, making it the sixth IPO this 12 months to be totally subscribed on the primary day of bidding, following within the footsteps of Happiest Minds Technologies, Route Mobile, Chemcon Speciality Chemicals, Mazagon Dock and Likhita Infrastructure.
Burger King’s preliminary public supply (IPO) includes contemporary subject of fairness shares amounting to Rs 450 crore and a proposal on the market price Rs 360 crore by the promoter QSR Asia. The firm has already raised Rs 91.92 crore from Amansa Investments in a pre-IPO placement at a worth of Rs 58.50 per share.
One can place bids for a minimal one lot of 250 fairness shares and in multiples thereof, as much as 13 heaps. The retail buyers can due to this fact apply for max 3,250 fairness shares at increased finish of the value band.
Burger King India intends to utilise the IPO proceeds to open company-owned eating places and for normal company functions. It plans to determine round 700 eating places, together with sub-franchised shops, by December 31, 2026.