India Halts Trading In Burger King As Shares More Than Triple From IPO Issue Price
The market cap of Burger India has now zoomed to ₹7,604 crore, moving past Westlife Development’s market valuation of ₹6,800 crore.
Burger King’s market debut on Monday was the best since 2017 when Astron Paper & Board Mill Ltd. jumped 142%.
NSE bulk deals data shows Basant Maheshwari Wealth Advisers and Valiant Mauritius Partners Offshore buying 2.4 million and 2.5 million of Burger King respectively on Monday, at an average price of ₹112.79 and 130.28 apiece.
Burger King India’s ₹810 crore IPO was subscribed a massive 156.65 times earlier this month. The quick-service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest is owned by the company.
Meanwhile, the IPO of Mrs Bectors Food, which is currently open, has also seen strong demand. It was fully subscribed in just few hours after opening on Tuesday.
The price band in Mrs Bectors Food IPO has been fixed at ₹286-288 per equity share. The company sells biscuits under the ‘Cremica’ brand and manufactures and markets a wide range of biscuits such as cookies, creams, crackers, digestive biscuits, and an array of premium breads under the ‘English oven’ brand.
Mrs Bectors Food is also a supplier of buns to quick-service restaurant (QSR) chains such as McDonald’s, KFC, Burger King and Carl’s Jr among others.
The article was first published on livemint.com.
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