Burger King India fixes IPO price band; Issue to open next week

Burger King India has fixed price band at the lower end of Rs59 per equity share and the upper end of Rs60 per equity share.

Nov 27, 2020 10:11 IST India Infoline News Service

Burger King which is a multinational chain of hamburger fast food restaurants, on Friday fixed price for its initial public offering on Indian stock exchanges.

Burger King India has fixed price band at the lower end of Rs59 per equity share and the upper end of Rs60 per equity share.

Notably, the company's IPO price band is nearly 6 times higher than its value of equity shares.

According to the red herring prospectus, Burger King's IPO issue comprises of fresh equity shares worth Rs450cr and offer for sale (OFS) of up to 6cr equity shares.

Notably, the company has reduced its fresh equity shares from earlier Rs600cr.

Burger King has undertaken a pre-IPO placement by way of - 1) rights issue of 1.32cr equity shares for a cash price of Rs44 per equity share aggregating to Rs58.08cr; 2)preferential allotment of 15,712,820 equity shares amounting to Rs91.92cr.

The company's IPO issue will open on December 02 and will close on December 04, 2020. 

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