Burger King India shares were in huge demand as its three-day share sale via Initial Public Offering (IPO) which closed on Friday was subscribed 156.65 times. Burger King IPO received over 1,100 crore bids for its shares compared with 7.45 crore shares on the offer, data compiled by the National Stock Exchange showed. Burger King's Rs 810 crore initial public offering received a strong response from the retail investors as the portion reserved for retail investors was subscribed over 30 times. The issue was subscribed 24 times in the portion reserved for qualified institutional buyers (QIB) and 262 times in the non-institutional investors (NII) category. The shares were sold in price band of Rs 59-60 per share and are likely to be listed on stock exchanges on December 14.
The IPO was oversubscribed (more than three times) on the first day itself, making it the sixth IPO this year to be fully subscribed on the first day of bidding, following in the footsteps of Happiest Minds Technologies, Route Mobile, Chemcon Speciality Chemicals, Mazagon Dock and Likhita Infrastructure.
Burger King's initial public offer (IPO) involves fresh issue of equity shares amounting to Rs 450 crore and an offer for sale worth Rs 360 crore by the promoter QSR Asia. The company has already raised Rs 91.92 crore from Amansa Investments in a pre-IPO placement at a price of Rs 58.50 per share.
Burger King India intends to utilise the IPO proceeds to open company-owned restaurants and for general corporate purposes. It plans to establish around 700 restaurants, including sub-franchised outlets, by December 31, 2026.
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