The quick service restaurant chain Burger King’s Rs 810 crore IPO, which ran from December 2 to December 4, was subscribed 156 times on Monday. This made Burger King India the fourth mainboard IPO this year, which saw bidding of 100 times and more.
Shares of the company made a strong debut on Monday as the scrip got listed at Rs 115.35 on BSE, a 92.25 percent premium over the issue price of Rs 60. On NSE, the scrip debuted at Rs 112.50, up 87.5 per cent.
Analysts had expected Burger King to list at around 70-75 percent premium over issue price, while it was also trading at 75 percent premium in the grey market.
"We are optimistic on Burger King's growth story considering improving organised industry growth benefiting from reduced competition from unorganised restaurants due to COVID-related challenges and expansion of its outlets wherein Burger King is well-positioned to expand its footprint in India from 260+ to 700 stores by December 2026," Prashanth Tapse, AVP Research at Mehta Equities was quoted in the media reports.
As the national master franchisee of the Burger King brand in India, Burger King India has exclusive rights to develop, establish, operate and franchise Burger King branded restaurants in India. The company, which opened its first restaurant in November 2014, now has 261 restaurants, including eight sub-franchised Burger King restaurants, across 17 states and union territories and 57 cities across India.
Shares of Burger King India on the BSE were up 14.78 percent at 132.40 on Monday at around 11.30 am.
