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After a whopping response to Burger King IPO, all eyes are on the share allocation which is likely to get finalised tomorrow. Link Intime India Pvt Ltd is the registrar of Burger King issue and will manage share allocation and refund. Investors can check the share allocation status on the website of Link Intime India. Burger King shares are likely to get listed on BSE and NSE on 14th December, according to brokerages.

Burger King India share sale, which ended on Friday, was subscribed a massive 156.65 times, receiving bids for 11,66,93,73,500 shares as against 7,44,91,524 shares on offer. In fact, Burger King IPO got oversubscribed within a few hours of opening for subscription on Wednesday, signalling investors remained upbeat about the country's food services sector despite a slowdown inflicted by the COVID-19 pandemic. Price range for the offer was fixed at 59-60 per share.

The retail individual investors segment was subscribed 68.15 times while the portion meant for qualified institutional buyers (QIBs) was subscribed 86.64 times and non-institutional investors 354.11 times.

The 810-crore Burger King IPO included a fresh issue of shares worth 450 crore. Promoter entity QSR Asia Pte Ltd sold up to 6 crore shares through the IPO. At the upper end of the price band, the sale fetched 360 crore. Burger King India plans to use the IPO proceeds to open new stores and reduce debt.

Also read: Why farm politics doesn't win elections in India

Burger King India had on December 1 raised 364.5 crore from anchor investors.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial were the managers to the offer.

Burger King India is among the top-3 most-subscribed IPO this year along with Happiest Minds Technologies and Mazagon Dock Shipbuilders.

Burger King India runs the franchise of Restaurant Brands International Inc's U.S. chain Burger King. Currently, the quick service restaurant (QSR) chain operates 268 stores in India, most of them owned by the company.

The burger chain wants to have at least 700 restaurants in the country by 2026. (With Agency Inputs)

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