Burger King India Ltd. continued to attract strong investor interest on the second day of its initial public offering.
The issue was subscribed 4.86 times as of 12:20 p.m. on Dec. 3, led by retail investors, according to data from the exchanges. The portion reserved for high net worth individuals were also fully subscribed.
Subscription details:
- Institutional investors: 25%
- High net worth individuals: 1.2x
- Retail investors: 24x
Research reports on Burger King India IPO:
- ICICI Direct: Burger King IPO - Investment Rationale
- Nirmal Bang: Burger King IPO - Analyst Meet Takeaway
- Anand Rathi: Burger King IPO - Investment Rationale
- KRChoksey: Burger King IPO Review
- Prabhudas Lilladher: Burger King IPO - A Play For The Long Haul
- Geojit: Burger King IPO - A Fast-Growing Brand In QSR Category
The burger chain operator plans to raise Rs 810 crore through the maiden offer, the price band for which has been fixed at Rs 59-60 apiece, according to its red herring prospectus. The IPO comprises a fresh equity issue worth Rs 450 crore and an offer-for-sale of 6 crore shares by promoter QSR Asia Pte Ltd. worth Rs 360 crore.
According to a statement, the company raised Rs 364.5 crore by allocating 6.07 crore shares to 55 anchor investors including Fidelity Funds, Government of Singapore, Amansa Holdings Pvt., HDFC Trustee Co. and ICICI Prudential.
The proceeds from the share sale, Burger King said, will be used to repay borrowings and open new stores.
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