Quick service restaurant (QSR) Burger King India's initial public offering (IPO) has subscribed 55% so far on Wednesday, Dec. 02, 2020, the first day of bidding.  The Rs 8,100 million public issue has received bids for 41.7 million equity shares against IPO size of 74.5 million equity shares.

The issue will close on December 4 and the listing of equity shares is expected to be on December 14. The company aims to raise Rs 8,100 million via the IPO.The company has fixed IPO price band at Rs 59-60 a share. Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.

The issue comprises a fresh issue of shares worth Rs 4,500 million, and an offer for sale (OFS) of up to 60 million shares by promoter entity QSR Asia Pte Ltd worth Rs 3,600 million, at the upper end of the price band.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are book running lead managers to the Burger King issue.

The company intends to utilize the fresh proceeds to finance the roll-out of new company-owned Burger King Restaurants and to meet the general corporate purposes.

Burger King India is one of the fastest growing international Quick Service Restaurants (QSR) chains in India. The company is the national master franchisee of the Burger King brand in India, with exclusive rights to develop, establish, operate and franchise Burger King branded restaurants in India.