Lawstreet Journal

Burger King to Raise Rs 364.5 Crores from Anchor Investors Ahead of IPO

Lawstreet Journal 3 Dec 2020 11:32pm

Image courtesy: Lawstreet Journal Business Burger King to Raise Rs 364.5 Crores from Anchor Investors Ahead of IPO

On Tuesday (December 1, 2020), the US-based fast service restaurant (QSR) chain Burger King's Indian arm raised Rs 364.5 crore from anchor investors ahead of its initial share sale, which opened on Wednesday (December 2, 2020) for public subscription.

According to a BSE circular, "The IPO committee of the board of directors of the company vide resolution on December 1, 2020, and the promoter selling shareholder in consultation with the.... book running lead managers orBRLMs have finalized allocation of 6,07,50,000 equity shares in aggregate, to anchor investors at the anchor investor allocation price of Rs 60 per equity share.”

The amount generated by the business stands at Rs 364.5 crores at this price. Singapore, Sundaram Mutual Fund, SBI Mutual Fund, Integrated Core Strategies Asia Pte Ltd, HDFC Trustee Company Ltd, SBI Mutual Fund, and ICICI Prudential Mutual Fund are among the anchor investors.

The price range of the initial public offering (IPO) was set at Rs 59-60 per share by the chain, which currently operates 268 stores in India, of which eight are franchises located mainly at airports and the rest are company owned. The planned IPO would see Rs. 810 crores raised by the Indian subsidiary of the US-based Burger King, comprising a new share issue amounting to Rs 450 crores. Furthermore, the QSR Asia Pte Ltd promoter company will sell up to 6 crore shares, aggregating to Rs 360 crores at the upper end of the price band. The issue, which would open on Wednesday, will close on Friday (December 4,… Continue Reading...

Tagged: Burger King  
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