InvestorQ : When is Burger King coming out with its IPO & How it is structured?
Tanya Mehta made post

When is Burger King coming out with its IPO & How it is structured?

Anjali Desai answered.
6 months ago

The initial public offering (IPO) of quick-service restaurant (QSR) chain Burger King India Ltd will open on December 2, for three days. The price band for the IPO has been set at Rs 59-60 per share.

Burger King aims to raise Rs810cr through the issue which comprises a fresh issue of shares worth Rs450cr, and an offer for sale of up to 60mn shares by promoter entity QSR Asia Pte Ltd worth Rs360cr, at the upper end of the price band. The equity shares are expected to debut on bourses around December 14, 2020.

The company had undertaken a pre-IPO placement, by way of the rights issue, of Rs58.08 crore at a price of Rs 44 per share to the promoter and preferential allotment of Rs 91.92 crore at a price of Rs 58.50 per share. As a result, the fresh issue size has been reduced to Rs450 cr from Rs600cr earlier, as per the advertisement of IPO published in newspapers.

Burger King has reserved up to 10% portion of the IPO for retail investors, up to 15% for non-institutional investors and up to 75% for qualified institutional investors. Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter. This means that retail investors can apply for a maximum of up to 3,250 equity shares at higher price band. Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial are the book running lead managers to the issue.