Burger King India gets market regulator's nod for IPO
The company is offering a fresh issue of up to INR 4 billion (US$56.2m) equity shares.
Burger King India’s plan to go public is underway after securing approval from India’s market regulator.
In their draft IPO papers sent to the Securities and Exchange Board of India in November, Burger King is offering a fresh issue of up to INR 4 billion (US$56.2m) equity shares and offering sale of up to INR 60m (US$842,700) equity shares.
More than half of the proceeds from the offer shares, or INR 2.9 billion (USD 40.7m), will be used for the company’s store expansion.
These shares are initially proposed to be listed in Bombay Stock Exchange and the country’s National Stock Exchange.
Kotak Mahindra Capital Company, CLSA India Pvt Ltd, Edelweiss Financial Services and JM Financial are managing the initial shares sale.
The company operates approximately 202 restaurants, including seven sub-franchised stores across India, as of July 2019.
