Burger King raises Rs 364 crore ahead of IPO from 55 anchor investors

Burger King India's public issue will open today, December 2, 2020. Interestingly, the quick-service restaurant chain has raised Rs 364.5 crore ahead of its public issue opening from 55 anchor investors on December 1, 2020.

The company has allotted the shares to anchor investors at Rs 60 per share, the higher price band.

The company in a regulatory filing said, "Trading Members of the Exchange are hereby informed that, under Anchor Investors (AIs) portion in the Public Issue of Burger King India Limited, 6,07,50,000 equity shares have been subscribed today at Rs 60 per equity share on December 1, 2020."

The investors who participated in the anchor book were Sundaram Mutual Fund, ICICI Prudential, Steinberg India Emerging Opportunities Fund, Nippon Life India Trustee, Valiant India Opportunities, Aditya Birla Sun Life, Fidelity Funds, Eastspring Investments, Elara India Opportunities Fund, Integrated Core Strategies Asia Pte, IDFC Mutual Fund, Fidelity Investment Trust, Monetary Authority of Singapore, SBI Magnum Global Fund, HDFC Mutual Fund and Amansa Holdings among others.

Burger King India will open its Rs 810 crore IPO today and the same will close on December 4, 2020. The Rs 810 crore issue consists of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 6 crore shares, aggregating Rs 360 crore. The price band for the issue has been fixed at Rs 59-60 per share. Retail investors willing to invest can buy a lot of 250 shares and a maximum of 3,250 shares.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are the book running lead managers to the issue. The company will utilise fresh issue funds for rollout of owned Burger King Restaurants, and general corporate purposes.