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 Rs 810 crore through the issue which comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 60 million shares by promoter entity QSR Asia Pte Ltd worth Rs 360 crore, at the upper end of the price band.
The company had undertaken a pre-IPO placement, by way of the rights issue, of Rs 58.08 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.
Hence, as a result, the fresh issue size has been reduced to Rs 450 crore from Rs 600 crore earlier, as per the advertisement of IPO published in newspapers.
Burger King India has also reserved up to 10 per cent portion of the IPO for retail investors, up to 15 per cent for non-institutional investors, and up to 75 per cent for qualified institutional investors. Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.
The initial share-sale is being managed by Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial. The company’s shares are proposed to be listed on the BSE and the NSE.