SunstarTV Bureau: Burger King India has witnessed a whooping rise of shares’ value on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today.
Shares nearly doubled to ₹119 as compared to issue price of ₹60. The ₹810 crore Burger King IPO, which had got a wide response from investors, had opened for subscription on December 2 at a price band of ₹59-60 per share. It was subscribed over 156 times.
In fact, the initial share sale got oversubscribed within a few hours of opening for subscription on December 2. The portion meant for qualified institutional buyers (QIBs) was subscribed 86.64 times, non-institutional investors 354.11 times and retail individual investors (RIIs) 68.15 times.
The IPO included a fresh issue of shares worth ₹450 crore. Burger King India had raised ₹364.5 crore from anchor investors. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial were the managers to the offer. Currently, the quick service restaurant (QSR) chain operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest are owned by the company.