New Delhi: The chain, which currently operates 268 stores, of which eight are franchises mainly located at airports and the rest are company-owned, in India has fixed the price band of the initial public offering (IPO) at Rs 59-60 per share.
The promoter entity of the chain, QSR Asia Pte Ltd will sell up to 6 crore shares, aggregating to Rs 360 crore at the upper end of the price band. The company had undertaken a pre-IPO placement, by way of rights issue of Rs 58.08 crore at a price of Rs 44 per share to promoter and preferential allotment of Rs 91.92 crore at a price of Rs 58.50 per share.
Subsequently, the fresh issue size has been reduced to Rs 450 crore from Rs 600 crore earlier. The issue will close on December 4. The company has reserved up to 10 per cent portion of IPO for retail investors, up to 15 per cent for non-institutional investors and up to 75 per cent for qualified institutional investors.
It has stated that bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter, which means that retail investors can apply for maximum up to 3,250 equity shares at higher price band. Unlike other popular multinational QSR chains such as McDonald’s, Dominos Pizza and Dunkin’ Donuts, Burger King is listing its Indian arm on the bourses.
