Burger King enters IPO to open on December 2
Published On: Friday, November 27, 2020 | By: Team KnowMyStock
A quick-service restaurant chain Burger King India enters into the initial public offering (IPO) which will open on December 2, for three days. The US-based fast-food major’s India unit has set the price band for the IPO at Rs 59-60 per share in a lot size of 250 shares and multiples thereafter. Burger King aims to raise Rs 810 crore through the issue which comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 60 million shares by promoter entity QSR Asia Pte Ltd worth Rs 360 crore, at the upper end of the price band. The company would utilise fresh issue proceeds for funding roll-out of new company-owned Burger King Restaurants and general corporate purposes. The company had undertaken a pre-IPO placement, by way of the rights issue, of Rs 58.08 crore at a price of Rs 44 per share to a promoter and preferential allotment of Rs 91.92 crore at a price of Rs 58.50 per share.
The company has reserved up to 10 per cent portion of IPO for retail investors, up to 15 per cent for non-institutional investors and up to 75 per cent for qualified institutional investors
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