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Burger King India, the fast food chain which is launching its ₹810-crore initial public offer (IPO), has set its price band of the issue at ₹59 and ₹60 per share. The issue involves fresh issue of shares amounting to ₹450 crore, while the promoter entity QSR Asia Pte Ltd will sell up to 60 million shares, aggregating to ₹360 crore at the upper end of the price band.
Burger King is promoted by private equity firm Everstone Group.
The IPO will open for subscription on December 2. The company has already raised a pre-IPO funding of ₹92 crore from public markets investor Amansa Investments Ltd. Shares were allotted to Amansa at ₹58.5 a share.
The company has said that it will use the funds to to repay or prepayment outstanding borrowings obtained for setting up of new company-owned Burger King Restaurants and capital expenditure incurred for setting up of new company-owned Burger King Restaurants.
As of September 2020, the company has 261 restaurants, including eight sub-franchised Burger King Restaurants across 17 states and union territories and 57 cities across India.
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