Burger King India has received SEBI's go ahead for its initial public offer or IPO. As per the latest update with the market watchdog, the company after filing draft red herring prospectus for the IPO in November was in receipt of final observations on January 24.
The final observations of the watchdog are mandatory for any of the entity coming up with an IPO, FPO or rights issue.
The company's offer includes issue of equity shares worth Rs. 400 crore together with an OFS of 6 crore equity shares by the promoter company, QSR Asia.
The proceeds from the issue are proposed to be put for setting up of new Burger King restaurant as well as for other general corporate purposes.
The manager to the IPO issue include Kotak Mahindra Capital Company, CLSA India Pvt Ltd, Edelweiss Financial Services and JM Financial. The company's shares are proposed to be listed on the BSE and the NSE.