Burger King India IPO gets oversubscribed

NEW DELHI: 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 Rs 59-60 per share. Non-Institutional Investors' category received 19 per cent subscription while the portion reserved for retail individual investors got subscribed 9.83 times, as per data available with stock exchanges till 2 pm.

The IPO will see the Indian subsidiary of the US-based Burger King raise Rs 810 crore, including a fresh issue of shares worth Rs 450 crore.

Promoter entity QSR Asia Pte Ltd will sell up to six crore shares through the IPO. At the upper end of the price band, the sale would fetch Rs 360 crore.

The chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, and the rest are owned by the company.

Burger King India, the Indian arm of the US-based quick service restaurant chain Burger King, on Tuesday raised Rs 364.5 crore from anchor investors.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are the managers to the offer.