Stock Market – Burger King India Rises 130% Over IPO price On Stock Market Debut
Shares of Burger King India Ltd. greater than doubled over supply price on its market debut after traders piled into its maiden supply that concluded on Dec. 4.
The short-service restaurant chain operator listed at Rs 115.35 apiece, 92.2% increased than its problem price of Rs 60, in accordance with knowledge obtainable on the exchanges. The stock rose additional to shut 130% increased at Rs 138.Four apiece.
It’s been a very good yr for IPOs in India with a 13-115% premium on itemizing by latest debutants, together with Gland Pharma Ltd., Mazagon Dock Shipbuilders Ltd., CAMS Ltd., Route Cellular Ltd., Happiest Minds Applied sciences Ltd. and Chemcon Specialty Chemical compounds Ltd. Angel Broking Ltd., UTI Asset Administration Co. and Equitas Small Finance Bank Ltd., had been the one debutants which listed at a 6-11% low cost to their problem costs.
Burger King India’s preliminary public providing was subscribed 156 instances on the ultimate day of problem, with institutional traders bidding for 86.64 instances the shares on supply. Retail investor subscription was 68.15%.
The IPO comprised a recent fairness problem worth Rs 450 crore and an offer-for-sale of 6 crore shares by promoter QSR Asia Pte Ltd. worth Rs 360 crore.
Pre-IPO, Burger King, by the use of a rights problem, allotted 1.32 crore fairness shares at Rs 44 apiece to QSR Asia. That amounted to Rs 58.08 crore. It has additionally raised Rs 91.92 crore by way of preferential allotment of shares to Amansa Investments Ltd. at Rs 58.5 apiece.
The burger chain operates 268 shops in India and has a 5% market share by income within the Indian QSR house.
Tag: Stock Market