Burger King India shares made a strong debut on the BSE and NSE today. Shares nearly doubled to ₹119 compared to the issue price of ₹60. The ₹Burger King’s Rs 810 million IPO, which had garnered a huge response from investors, was opened for subscription on December 2 at a price band of ₹59-60 per share. It was subscribed more than 156 times.
Burger King’s stock is currently trading at ₹110 in NSE.
In fact, the initial sale of shares was oversubscribed within hours of opening for subscription on December 2. The portion for Qualified Institutional Buyers (QIB) subscribed 86.64 times, non-institutional investors 354.11 times, and Retail Individual Investors (RII) 68.15. times.
The IPO included a new issue of shares for value ₹450 crore. Burger King India raised ₹Rs 364.5 crore from anchor investors. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial were the managers of the offering. Currently, the Quick Service Restaurant (QSR) chain operates 268 stores in India and of these, eight are franchises, located mainly in airports, while the rest are owned by the company.
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Meanwhile, the IPO of bread and cookie maker Mrs Bectors Food Specialties will hit the capital markets on December 15th and close on December 17th. The price band has been set at ₹286-288 per share of capital with a par value of ₹10 each. The IPO would include a new issue of shares worth ₹Rs 40.54 crore and an Offer to Sell (OFS) from existing shareholders for value ₹500 crore.
The minimum bid lot is 50 shares and multiples of 50 shares thereafter.
Mrs Bectors Food also supplies buns to various international QSR chains in India, such as Burger King India Private Limited, Connaught Plaza Restaurants Private Limited, Hardcastle Restaurants Private Limited and Yum! Restaurants (India) Private Limited. (With contributions from the agency)
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