Burger King India jumped nearly 88% in its market debut on Monday, after it raised about $110 million, signaling sentiment that is upbeat the united states’ food service sector.
Shares for the business that is indian which runs the franchise of Restaurant companies International (NYSE:QSR) Inc’s U.S. string Burger King, opened at 112.50 rupees per share, above the initial public offering price of 60 rupees per share.
The company had a market value of 42.94 billion rupees ($583.11 million) at the first price. Burger King India, which recently concluded its Rs 810-crore initial offering that is general public makes its debut regarding the stock exchanges on Monday. The equity shares are noted on the BSE therefore the National Stock Exchange.
“Effective from, December 14, 2020, the equity stocks of Burger King India Limited will probably be detailed and admitted to dealings regarding the trade in the directory of ‘B ‘ Group of Securities,” BSE said in a circular on Friday.
The IPO, which started for subscription from 2, had been subscribed over 156 times at a price musical organization of Rs 59-60 per share. The share that is initial got oversubscribed within a few hours of opening for subscription on December 2.
The portion meant for qualified purchasers that are institutionalQIBs) had been subscribed 86.64 times, non-institutional investors 354.11 times and retail individual investors (RIIs) 68.15 times.
The IPO included a issue that is fresh of well worth Rs 450 crore. Besides, promoter entity QSR Asia Pte Ltd offered up to 6 crore shares through the IPO. The sale fetched Rs 360 crore during the upper end regarding the cost musical organization.
Burger King Asia had raised Rs 364.5 crore from anchor investors.
Kotak Mahindra Capital business, CLSA India, Edelweiss Financial Services, and JM Financial were the supervisors to the offer.
Currently, the restaurant that is quick-serviceQSR) string runs 268 shops in India and out of them, eight are franchises, mainly found at airports, while the sleep are owned by the company. Burger King India jumped nearly 88% in its market debut.