 "Burger King IPO subscribed 9.4x on Day 2; offering to close on Friday")
Burger King (BK) India’s initial public offering (IPO) was subscribed 9.4x on Thursday, the penultimate day of the issue. The retail investor portion was subscribed 37.8x, with the wealthy investor and institutional investor portions getting subscription of 3.6x and 2.7x, respectively. Only 10 per cent of the issue has been reserved for retail investors.
On Monday, the firm issued shares worth Rs 365 crore to 55 anchor investors, at Rs 60 per share. The Rs 810-crore IPO includes fresh issuance of Rs 450 crore and a secondary share sale of Rs 360 crore. The proceeds will be used to roll out new stores and pare debt. At the top end of the price band, BK will have a market capitalisation of Rs 2,290 crore. It competes with international QSR chains such as McDonald's, KFC, Domino’s, Subway, and Pizza Hut. BK currently operates 270 outlets. It aims to scale it up to 700 by 2026. The IPO closes on Friday.
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