Burger King IPO share allocation likely to be finalised today. How to check
Burger King shares are likely to get listed on BSE and NSE on 14th December, according to brokerages
The share allocation in Burger King's initial public offer (IPO), which closed last week, is likely to be finalized today. Investors can check the share allocation status on the website of Link Intime India, which is the registrar of Burger King IPO. The registrar manages share allocation and refund. Burger King India IPO had got a whopping investor response and was subscribed a massive 156.65 times.
Burger King shares are likely to get listed on BSE and NSE on 14th December, according to brokerages.
The price range for the offer was fixed at ₹59-60 per share. The retail individual investors' segment was subscribed 68.15 times while the portion meant for qualified institutional buyers (QIBs) was subscribed 86.64 times and non-institutional investors 354.11 times.
Investors remained upbeat about the country's food services sector despite a slowdown inflicted by the COVID-19 pandemic. Burger King IPO got oversubscribed within a few hours of opening for subscription on Wednesday.
The ₹810-crore Burger King IPO included a fresh issue of shares worth ₹450 crores. Promoter entity QSR Asia Pte Ltd sold up to 6 crore shares through the IPO. At the upper end of the price band, the sale fetched ₹360 crores. Burger King India plans to use the IPO proceeds to open new stores and reduce debt.
Burger King India had on December 1 raised ₹364.5 crores from anchor investors.
Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial were the managers of the offer.
Burger King India is among the top-3 most-subscribed IPO this year along with Happiest Minds Technologies and Mazagon Dock Shipbuilders.
Burger King India runs the franchise of Restaurant Brands International Inc's U.S. chain Burger King. Currently, the quick-service restaurant (QSR) chain operates 268 stores in India, most of them owned by the company.
The burger chain wants to have at least 700 restaurants in the country by 2026. (With Agency Inputs)