Burger King India IPO: Shares of quick-service restaurant (QSR) major Burger King India made a stellar debut on the BSE and National Stock Exchange (NSE) today listing at nearly double their issue price.
The scrip initially got listed at Rs 115.35 apiece on the BSE, thereby registering a rise of 92.25 per cent from its offer price of Rs 60. On the NSE, it debuted at Rs 112.50, up 87.50 per cent from the issue price. The stock however continued to rally during the day and only froze after hitting its 20 per cent upper circuit.
Eventually, the Burger King stock settled at Rs 138.40, its upper circuit on the BSE, thereby registering a 130.67 per cent rise on the issue price. While on NSE, it ended the first day at Rs 135.00 per share (its day’s upper circuit), thereby rising 125 per cent from the issue price. During the day, the stock hit a low of Rs 108.40 on both the bourses.
Over 18.67 crore (18,67,92,834) shares of Burger King India were traded on the NSE during the first day, while over 1.91 crore (1,91,57,609) shares exchanged hands on the BSE, data from the respective stock exchanges showed.
The Rs 810 crore IPO of Burger King India had received a robust demand during its offer period from December 2-4. The issue was oversubscribed a whopping 156.65 times. The fast-food giant saw 86.64 times subscription from the qualified institutional buyers (QIBs), while the non institutional investors subscribed it a whopping 354.11 times and retail individual investors (RIIs) subscribed the offer 68.15 times.
Before the beginning of the IPO, it saw Rs 364.5 crore come from anchor investors on December 1.
The funds raised will mainly be utilised for the expansion of company-owned stores across the country and paying off debts. At present, Burger King has a strong presence in the north, followed by the west, south and eastern parts of the country.
Burger King India’s IPO was the second most subscribed offering this year after Mazagon Dock Shipbuilders which was subscribed 157.41 times.
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