Shares of Burger King India made a strong debut on BSE and NSE today. The stock opened at Rs 115.35, against the issue price of Rs 60 on the BSE, while on the National Stock Exchange, shares made a debut at Rs 112.50, an 87.50 per cent premium over IPO price. The Rs 810 crore Burger King IPO, which had got a whopping response from investors, had opened for subscription on December 2 at a price band of Rs 59-60 per share. It was subscribed over 156 times.
Quick restaurant chain Burger King India shares had a strong opening premium of 92.25 per cent on the first day of trade on December 14. The listing premium was better-than-expected given the stellar subscription and consistent strong revenue growth as well as store additions in the last more than five years of operations.
At 12:15 hours (IST), the stock was trading at Rs 133.30, up 122.17 percent with the volume of 13124423 shares on the BSE, while it was quoting at Rs 131.60, up 122.92 per cent with volumes of 168,085,763 equity shares on the NSE.
Analysts had expected Burger King to list at around 70-75 per cent premium over issue price, while it was also trading at 75 per cent premium in the grey market.
The company recorded a 49 per cent CAGR growth in revenue and 258 per cent in EBITDA during FY18-FY20, backed by strong store strength in the same period, though it reported losses at PAT level.