Investors gobble up Burger King IPO, subscribed 156 times

Investors seem to have fully savoured the Burger King India IPO, with the share sale getting subscribed a massive 156.65 times on the last day of the offer on Friday.

The initial public offering (IPO) received bids for 11,66,93,73,500 shares as against 7,44,91,524 shares on offer, according to NSE update.

The portion meant for qualified institutional buyers (QIBs) was subscribed 86.64 times, non-institutional investors 354.11 times and retail individual investors (RIIs) 68.15 times.

The initial share sale got oversubscribed within a few hours of opening for subscription on Wednesday.

The Rs 810-crore IPO included a fresh issue of shares worth Rs 450 crore.

Promoter entity QSR Asia Pte Ltd sold up to 6 crore shares through the IPO. At the upper end of the price band, the sale fetched Rs 360 crore.

Price range for the offer was fixed at Rs 59-60 per share.

Burger King India had on December 1 raised Rs 364.5 crore from anchor investors.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial were the managers to the offer.

Burger King India is among the top-3 most-subscribed IPO this year along with Happiest Minds Technologies and Mazagon Dock Shipbuilders.

Currently, the quick service restaurant (QSR) chain operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest are owned by the company.