Burger King India unit plans for an IPO issue to raise up to Rs. 400 crore through the issuance of fresh equity. Additionally, QSR Asia with 99.39% holding in the company will offload some 6 crore shares as per the DRHP filed with the SEBI. Pricing details of the issue shall be disclosed at a later stage.
Burger King India Files For Rs. 400 Crore IPO Issue
The proceeds from the issue will be put towards expansion of the business in India, which is the third-largest economy in the Asian region. And its break up is as following; Rs. 290 crore will be used in expanding the company's footprint with the opening of new retail outlets. The company aims to increase its store from 202 to 325 restaurants that would include sub-franchised outlets, by 2020 end.
Kotak Investment Banking, CLSA India Pvt. Ltd., Edelweiss Financial Services Ltd. and JM Financial Ltd.Jubilant Foods are bankers to the Burger King India IPO.
In the quarter ended June, the fast-food chain reported a net loss of Rs. 1.76 crores.
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