Burger King India IPO subscription: Share sale hits 3.13 times mark on Day 1

Burger King initial public offering (IPO) got subscribed 3.13 times on the first day of subscription on Wednesday. The IPO, which will close on Friday, received bids for 23,32,00,750 shares against 7,44,91,524 shares on offer, as per data available with the NSE.

The Burger King India initial share sale got oversubscribed within a few hours of opening for subscription. Qualified institutional buyers (QIBs) category was subscribed 17 per cent, non-institutional investors' segment received 71 per cent subscription, while the portion reserved for retail individual investors got subscribed 15.54 times.

Burger King IPO will see the Indian subsidiary of the US-based Burger King raise Rs 810 crore, including a fresh issue of shares worth Rs 450 crore.

Promoter entity QSR Asia Pte Ltd will sell up to 6 crore shares through the IPO. At the upper end of the price band, the sale would fetch Rs 360 crore.

The price band for the Burger King offer is at Rs 59-60 per share.

The quick service restaurant (QSR) chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest are owned by the company.

Burger King India had on Tuesday raised Rs 364.5 crore from anchor investors. 

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are the managers to the offer.
 

The story has been taken from a news agency