Burger King India receives SEBI's approval to float IPO
Burger King India, the quick-service restaurant chain, has received markets regulator Securities and Exchange Board of India’s (SEBI's) approval for an initial public offer.
Burger King India, the quick-service restaurant chain, has received markets regulator Securities and Exchange Board of India's (SEBI's) approval for an initial public offer. The company filed its draft IPO papers with the watchdog in November 2019 has obtained its final observations on January 24, 2020, SEBI said in its latest update.
The regulator's observations are necessary for any company to launch public issues such as initial public offer, follow-on public offer and rights issue.
Burger King's offer comprises fresh issue of equity shares aggregating up to Rs400 crore and an offer for sale of up to 6 crore equity shares by QSR Asia, the promoter. Net proceeds from the fresh issue are proposed to be utilised for funding roll-out of new company-owned Burger King Restaurants and general corporate purposes.
The initial share-sale is being managed by Kotak Mahindra Capital Company, Edelweiss Financial Services, CLSA India Pvt Ltd and JM Financial. The company's shares are proposed to be listed on the BSE and the NSE.
As per the draft papers, The company, as of June 30, 2019, had 202 restaurants including seven sub-franchised Burger King Restaurants across 16 states and union territories and 47 cities across India.
(With PTI Inputs)