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