Burger King India's Rs 810 crore initial public offering (IPO) will debut on the bourses tomorrow, i.e. December 14. The quick-service restaurant chain's IPO had received an overwhelming response from the investor community. The public offer was subscribed 156.65 times, receiving over 1,100 crore bids compared with 7.45 crore shares on offer. The portion reserved for retail investors was subscribed more than 30 times, the qualified institutional buyers (QIB) segment was subscribed 24 times and the non-institutional investors (NII) category received 262 times subscription.
Burger King India's initial public offer was open between December 2 and 4. The primary market offering consisted of a fresh issue of equity shares amounting to Rs 450 crore and an offer for sale worth Rs 360 crore by the promoter QSR Asia. The shares were offered in the price band of Rs 59-60 per share.
Burger King India will use proceeds from the equity sale to open company-owned restaurants and for general corporate purposes. The restaurant chain plans to open around 700 restaurants, including company outlets and sub-franchised entities, by December 31, 2026. It already has 261 restaurants spread across 57 cities such as Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, Chandigarh and Ludhiana.
The Burger King India IPO was oversubscribed by more than three times on the very first day, making it the sixth IPO this year to be fully subscribed on the first day of bidding. Happiest Minds Technologies, Route Mobile, Chemcon Speciality Chemicals, Mazagon Dock and Likhita Infrastructure were the other market offerings that were lapped up on Day 1 itself.