Burger King Shares Locked In Upper Circuit For Third Day In A Row

Shares of Burger King were in huge demand for third day in a row after a stellar market debut on Monday. Burger King stock price rose by its daily maximum limit of 10 per cent to hit an intraday high of Rs 219.15 on the BSE. Burger King's three-day share sale via Initial Public Offering (IPO), which was open between December 2 and 4, was subscribed 157 times, receiving bids exceeding 1,100 crore compared with 7.45 crore shares on offer. The portion reserved for retail investors was subscribed over 30 times, the qualified institutional buyers (QIB) segment was subscribed 24 times and non-institutional investors (NII) category received subscription of 262 times.

Burger King shares have surged over three times from the issue price of Rs 60 within three days of listing. The shares of the quick-service restaurant chain listed at Rs 115.35 on the BSE, a 92.25 per cent premium over the issue price of Rs 60. On the NSE, the shares debuted at Rs 112.50, up 87.5 per cent.

Among other stellar listings in the recent past, Chemcon Speciality had surged 115 per cent and Happiest Minds Technologies had rallied 111 per cent on Day 1.

Burger King India is the national master franchisee of the Burger King brand in India and therefore has exclusive rights to develop, establish, operate and franchise Burger King branded restaurants in India. It has 261 restaurants spread across 57 cities such as Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, Chandigarh and Ludhiana.

As of 11:53 am, there were pending buy orders of over 12.75 lakh shares on the BSE.