Shares of Burger King India Ltd. surged on market debut after investors piled into its maiden offer that concluded on Dec. 4.

The quick-service restaurant chain operator listed at Rs 115.35 apiece, 92.2% higher than its issue price of Rs 60, according to data available on the exchanges.

It’s been a good year for IPOs in India with a 13-115% premium on listing by recent debutants, including Gland Pharma Ltd., Mazagon Dock Shipbuilders Ltd., CAMS Ltd., Route Mobile Ltd., Happiest Minds Technologies Ltd. and Chemcon Specialty Chemicals Ltd. Angel Broking Ltd., UTI Asset Management Co. and Equitas Small Finance Bank Ltd., were the only debutants which listed at a 6-11% discount to their issue prices.

Burger King India’s initial public offering was subscribed 156 times on the final day of issue, with institutional investors bidding for 86.64 times the shares on offer. Retail investor subscription was 68.15%.

The IPO comprised 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.

Pre-IPO, Burger King, by way of a rights issue, allocated 1.32 crore equity shares at Rs 44 apiece to QSR Asia. That amounted to Rs 58.08 crore. It has also raised Rs 91.92 crore through preferential allotment of shares to Amansa Investments Ltd. at Rs 58.5 apiece.

The burger chain operates 268 stores in India and has a 5% market share by revenue in the Indian QSR space.

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