Burger King to launch its Rs 810-crore maiden IPO on December 2
Burger King India, the Indian subsidiary of US-based hamburger fast food restaurants chain, traded in the grey market at more than 40 percent premium over its issue price, ahead of its public offering.
Shares are available at a premium of Rs 20-25 in the grey market against the issue price of Rs 59-60 per share, as per the data available on the IPO Watch website.
At the lower end of the price band in percentage terms, the premium comes to 33.9 percent and 42.4 percent over IPO price, while the premium at the upper price band comes at 33.3 percent and 41.7 percent.
Burger King decided to launch its Rs 810-crore maiden public issue on December 2 and close on December 4.
The issue consists of a fresh issue of Rs 450 crore (which reduced from Rs 600 crore earlier due to pre-IPO placement) and an offer for sale of 6 crore equity shares by promoter QSR Asia Pte Ltd.
Burger King is the fastest-growing international QSR (quick-service restaurant) chain in India during the first five years of its operations based on the number of restaurants, reports Technopak. Their master franchisee arrangement provides them with the ability to use Burger King's globally recognized brand name to grow its business in India.