Stock of quick services restaurant chain Burger King India has been on buyers’ radar hitting the upper circuit for the fourth straight day on December 17. The company has now surpassed the market capitalization of its peer Westlife Development.
It surged 20 per cent from its pre-opening price on Monday, though gained 131 per cent over its issue price of Rs 60 per share. In the following days, it gained 20 per cent each on Tuesday and Wednesday, and 10 per cent on Thursday.
In case, the stock consistently hits the upper or lower circuit, the exchanges generally revise circuit limits for stocks.
In total, the stock rallied 265.3 per cent in four sessions to trade at Rs 219.15 compared to its issue price of Rs 60 per share, thus making it a multi-bagger in a short period.
It has hit a market capitalization of Rs 8,363.96 crore, which is higher than its closest peer Westlife Development’s Rs 7,229.96 crore.
Burger King brand which founded in 1995 in the United States and is owned by Burger King Corporation, a subsidiary of Restaurant Brands International Inc. Company has opened 268 restaurants in the last five years of journey, of which 259 are owned by Burger King Restaurants and nine sub-franchised Burger King restaurants.
The company has a target to increase its restaurant count to 700 by the end of 2026.