Burger King India hit an upper circuit of 10% at Rs 219.15, extending gains for fourth day in a row.
Shares of Burger King were listed on the stock exchanges on Monday (14 December 2020) at Rs 115.35, a premium of 92.25% to the initial public offer (IPO) price of Rs 60. The stock is currently up 265.25% over its IPO price.
The stock is currently frozen at an all-time high of Rs 219.15, up by 89.98% from its listing price of Rs 115.35 per share.
Burger King's market capitalization stands at Rs 8,363.96 crore, surpassing Westlife Development (WDL)'s market capitalization of Rs 7,247.87 crore. WDL operates a chain of McDonald's restaurants in West and South India, having a master franchisee relationship with McDonald's Corporation USA.
The IPO of Burger King India was subscribed 156.65 times. The issue opened for subscription on 2nd December and it closed on 4th December. The price band for the IPO was set at Rs 59-60 per share.
The net proceeds from the fresh issue are proposed to be utilised in funding roll out of new company-owned Burger King restaurants; and general corporate purposes.
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Burger King recorded net loss of Rs 118.95 crore and revenue from operations of Rs 135.21 crore in the six months ended on 30 September 2020.
Burger King set shop in India in November 2014 and has been among the fastest expanding quick service restaurant chains in the country. It is promoted by QSR Asia. The company is the national master franchisee of Burger King in India, with exclusive right and license to develop, establish, operate and franchise Burger King restaurants in India.
As at 25 November 2020, the company has 268 restaurants (259 company-owned Burger King Restaurants and 9 sub-franchised Burger King Restaurants).
The company is obligated to develop and open at least 700 restaurants by 31 December 2026, in compliance with the master franchise and development agreement, provided that at all times company-owned Burger King Restaurants will represent 60% of the total number of company-owned and sub-franchised Burger King Restaurants in India.
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