 "Burger King IPO subscribed 3x on Day 1 on strong retail participation")
Burger King India’s initial public offering was subscribed three times on Wednesday, the first day of the issue. The retail investor portion of the IPO was subscribed 15.6 times, the high networth individual (HNI) and institutional investor portion were subscribed 16 per cent and 70 per cent respectively.
A day earlier, the company had issues shares worth Rs 365 crore to 55 anchor investors at Rs 60 per share. Burger King India is looking to raise Rs 450 crore from the IPO.
The proceeds will be used to rollout new stores and repay debt. The IPO will also comprise of secondary share sale worth Rs 360 crore.
At the top-end of the price band, Burger King will have market capitalisation of Rs 2,290 crore.
The company competes international QSR chains such as McDonalds, KFC, Domino’s Pizza, Subway and Pizza Hut. Burger King currently operates about 270 outlets. It aims to scale it up to 700 outlets by 2026. The IPO closes on Friday.
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