Burger King Hits 20% Upper Circuit For Second Straight Session After Stellar Market Debut
Shares of quick service restaurant chain operator Burger King are in huge demand in Wednesday's session. After a stellar market debut, the stock rose by its daily maximum limit of 20 per cent for the second consecutive session. Burger King share price has moved up to Rs 199.25, a rise of more than three times from the initial public offering price of Rs 60. Burger King's market debut was the biggest since 2017, when Astron Paper & Board Mill Ltd. jumped 142 per cent.
Burger King India made a strong debut on the bourses on Monday. The shares of the quick-service restaurant chain listed at Rs 115.35 on the BSE, a 92.25 per cent premium over the issue price of Rs 60. On the NSE, the shares debuted at Rs 112.50, up 87.5 per cent.
Among other stellar listings in the recent past, Chemcon Speciality had surged 115 per cent and Happiest Minds Technologies had rallied 111 per cent on Day 1.
Burger King's primary market offering was subscribed by a whopping 157 times, receiving bids exceeding 1,100 crore compared with 7.45 crore shares on offer. The portion reserved for retail investors was subscribed over 30 times, the qualified institutional buyers (QIB) segment was subscribed 24 times and non-institutional investors (NII) category received subscription of 262 times.
As of 12:32 pm, there were over 13 lakh pending buy orders for Burger King shares on the BSE with no sellers on the bourse.
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