Burger King sets IPO price band at Rs 59-60, seeks to raise Rs 450 cr

Proceeds will be used to roll out new outlets, retire debt; Issuer to have market cap of Rs 2,290 cr at upper end of price band

Quick service restaurant (QSR) Burger King India has set the price band for its IPO at Rs 59-60 per share. The popular burger chain is looking to raise Rs 450 crore from its maiden offering to be used to roll out new outlets and retire debt. The IPO will also comprise of secondary share sale worth Rs 360 crore. At the top-end of the price band, Burger King will have market capitalisation of Rs 2,290 crore.

The company competes international QSR chains such as McDonalds, KFC, Domino’s Pizza, Subway and Pizza Hut. The organized QSR market is estimated at Rs