Burger King India Sets Price Band For IPO, Looks To Raise $109m

Friday November 27, 2020.

Photo: Hulki Okan Tabak / Unsplash

Private equity firm Everstone Group promoted Burger King India on Friday set the price band at ₹59-60 per share for its initial public offering (IPO) which is slated for launch on December 2.

The proposed IPO will see the company raise ₹810 crore ($109 million), comprising a 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 India will use the funds to roll out new company-owned Burger King Restaurants by way of repayment or prepayment of outstanding borrowings of the company 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, the company said in its red herring prospectus.

The company has also raised a pre-IPO funding of ₹92 crore from public markets investor Amansa Investments Ltd. Shares were allotted to Amansa at a price of ₹58.5 per share.

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