Home >Markets >Stock Markets >Burger King shares hit 10% lower circuit for second day

Continuing their roller coaster ride since listing on Monday, Burger King India shares today were locked in 10% lower circuit for second day in a row. Shares dropped to 161.45 on BSE. On the day of listing, it jumped 125% over its initial public offering (IPO) price of 60 apiece. Then in the next two days, they were locked in 20% upper circuit before seeing profit-taking.

Analysts have attributed the sudden fall in Burger King shares to profit booking after sharp upmove since listing. Despite the two-day fall, Burger King India shares are up 169% from its IPO issue price, with market cap at 6,161.81 crore.

Shares of as Westlife Development Limited, which holds the master franchise for McDonalds in western and southern India, were down 3% at 424.45 today.

The broader markets also saw some profit-taking today. BSE midcap and smallcap indices were down 0.7% and 0.8% respectively.

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.

Mirroring massive investor response to Burger King IPO, Mrs Bectors Food Specialities initial public offer was subscribed a whopping 198 times on the last day of subscription on Thursday. The IPO of Mrs Bectors Food Specialities got oversubscribed within a few hours of opening for subscription on Tuesday.

After Burger King India, this is the second IPO this month to have received over subscription in a few hours of opening for public subscription.

Mrs Bectors Food's IPO received bids for 2,62,10,42,200 shares against 1,32,36,211 shares on offer, as per data available with the NSE.

Qualified Institutional Buyers (QIBs) category was subscribed 176.85 times, non institutional investors 620.86 times and retail individual investors (RIIs) 29.28 times. (With Agency Inputs)

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