Burger King IPO opens for subscription: Things to know

NEW DELHI: The intial public offer (IPO) of US-based quick service restaurant Burger King‘s India arm opened for subscription on Wednesday, as part of its plan to raise Rs 810 crore to fund expansion and pare debt.
The company had undertaken a pre-IPO placement, by way of rights issue of Rs 58.08 crore at a price of Rs 44 per share to promoter and preferential allotment of Rs 91.92 crore at a price of Rs 58.50 per share.
Subsequently, the fresh issue size has been reduced to Rs 450 crore from Rs 600 crore earlier. The issue will close on December 4. Price band of the IPO has been fixed at Rs 59-60 per share.
Up to 10 per cent portion of IPO has been reserved for retail investors by the company, while up to 15 per cent for non-institutional investors and up to 75 per cent for qualified institutional investors.
Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter, which means that retail investors can apply for maximum up to 3,250 equity shares at higher price band.
Ahead of it opening, the company raised Rs 364.5 crore from anchor investors.
Burger King currently operates 268 stores in India, of which eight are franchises are mainly located at airports and the rest are company-owned.
Unlike other popular multinational QSR chains such as McDonald’s, Dominos Pizza and Dunkin’ Donuts, Burger King is listing its Indian arm on the bourses.
(With PTI inputs)

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