Burger King India shares witnessed a stellar listing on Monday. The stock closed with a gain of 131 per cent at ₹138.40 against the IPO price of ₹60 on the BSE and at ₹135 on the NSE. It got listed at ₹115.35 on the BSE. Foreign fund Vanguard and ace investor Basant Maheshwari bought over 20 lakh shares each. More than 85 per cent shares that were traded on both the exchanges resulted in delivery.
The ₹810-crore IPO was oversubscribed 156.65 times. The issue generated bids for 11.7 billion shares, worth ₹70,000 crore, against only 75 million on offer. However, experts are wary of buying into the stock at the current levels.“The company has had a spectacular listing but it is dangerous that such bull run will continue for the stock. The company is yet to report profits and the faster opening of stores is more than discounted in today’s valuations,” said Arun Kejriwal, founder of Kejriwal Research.
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