Burger King IPO: Fast food chain raises ₹364.5 cr from anchor investors
Premium- Fidelity Funds-India Focus Fund has been allocated the largest share of the anchor investment portion at 8.23%
- Eastspring Investments India Consumer Equity Open Ltd and the Government of Singapore have been allocated anchor share portions of of 7.13% and 6.79%, respectively
MUMBAI: Quick service restaurant chain, Burger King India Ltd raised ₹364.5 crore from a clutch of institutional investors ahead of the opening of its initial public offer for subscription today.
The anchor allotment was done at ₹60 a share. Fidelity Funds-India Focus Fund is the biggest investor as it was allocated 8.23% of the anchor investment portion followed by Eastspring Investments India Consumer Equity Open Ltd and the Government of Singapore with allocation of 7.13% and 6.79%, respectively.
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Other investors include Amansa Holdings Pvt. Ltd, Fidelity Investment Trust - Fidelity Emerging Markets Fund, ICICI Prudential Midcap Fund and Aditya Birla Sun Life Trustee Pvt. Ltd A/C Aditya Birla Sun Life Small Cap Fund who were allocated 6.72%, 6.35%, 4.76%, and 4.42%, respectively.
Mumbai-based Burger King India, which currently operates 268 stores in the country, has fixed the price band at ₹59-60 a share for the subscription closing on Friday.
Private Equity firm Everstone Capital via its investment vehicle QSR Asia Pte Ltd, promoter entity owns 94.34% stake in the company. The IPO comprises a fresh issue of equity shares aggregating up to ₹400 crore by the company and an offer for sale of up to 60 million equity shares by QSR Asia Pte Ltd.
Proceeds of the funds will be used to repay existing debt and finance capital expenditure for new company-owned stores. As of first half of fiscal year 2021, the company has a total debt of ₹757 crore.
For FY20, the company reported a sale of ₹841 crore against ₹633 crore a year ago. Net loss for the fiscal was at ₹77 crore versus ₹38 crore from a year ago.
