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Burger King Raises IPO size To Rs 542 Crore

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Burger King India, the Indian arm of US-based fast food giant, has modified its IPO offering and raised the size of the public issue to Rs. 542 crore In the initial filing with the SEBI in November 2019, the company proposed an issue of Rs. 400 crore.

Burger King Raises IPO size To Rs 542 Crore
 

The offer for sale (OFS) terms with respect to existing shares remains unchanged as part of which promoter QSR Asia will sell 6 crore equity shares. Also, promoters of Burger King India have purchased fresh equity in the pre-IPO bid and infused a sum of another Rs. 58 crore in the company.

The company received SEBI approval for the IPO in January this year, but the global market rout due to the pandemic in March forced the company to defer its plans. Also, in the wake of the pandemic, the capital market regulator, SEBI has allowed companies to modify their offer size until March 31. So, given the ease, the company has increased the size of its fresh equity issuance from Rs. 400 crore to Rs. 600 crore. This is inclusive of promoters' purchase of 1.32 crore fresh equity shares at Rs 44 per share for an amount totaling to Rs 58 crore, in a pre-IPO rights issue.

The addendum filed with the capital market regulator says that the company may carry out another round of pre-IPO allotment worth Rs. 92 crore that could lower the fresh issue size from Rs. 542 crore. Before the issue, QSR Asia, promoter of Burger King has 99.39% stake in the firm, while the public shareholding stands at 0.61%.

GoodReturns.in

Read more about: burger king ipo
Story first published: Friday, October 23, 2020, 15:05 [IST]
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