HomeCURRENT AFFAIRSBUSINESSBurger King's IPO fully subscribed on first day on strong retail interest

Burger King’s IPO fully subscribed on first day on strong retail interest

The initial public offering of Burger King India got oversubscribed within a few hours of opening for subscription on Wednesday.

The IPO, which will close on Friday, was subscribed 1.84 times. The price band is ₹ 59-60 per share.

It has received bids for 23.32 crore equity shares against IPO size of 7.45 crore equity shares, as per the data available on stock exchanges.

Retail investors also seem to be interested in Burger King IPO as their reserved portion is oversubscribed 15.54 times so far on Day 1, while the portion set aside for non-institutional investors is subscribed 71 percent and that of qualified institutional investors 17 percent.

The burger chain operator plans to raise Rs 810 crore through the maiden offer, the price band for which has been fixed at Rs 59-60 apiece, according to its red herring prospectus.

The IPO comprises a fresh equity issue worth Rs 450 crore and an offer-for-sale of 6 crore shares by promoter QSR Asia Pte Ltd. worth Rs 360 crore.

According to a statement, the company has raised Rs 364.5 crore by allocating 6.07 crore shares to 55 anchor investors including Fidelity Funds, Government of Singapore, Amansa Holdings Pvt., HDFC Trustee Co. and ICICI Prudential.

The proceeds from the share sale, Burger King said, will be used to repay borrowings and open new stores.

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