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Burger King to raise 542 crore rupees, paper submitted to SEBI for IPO

Kotak Mahindra Capital, Edelweiss Financial Services, JM Financial and CLSA India will be the lead managers. Earlier in November 2019, the company filed a draft with SEBI for an IPO.

Fast food company Burger King India is set to launch an IPO. The company will raise Rs 542 crore from the IPO. For this, the company has also filed papers with market regulator SEBI.

Fundraising plan through IPO

According to the Sebi’s Draft Red Herring Prospectus (DRHP), the company plans to raise funds of Rs 542 crore by issuing new shares under the IPO. The promoters of the company will sell 60 million shares through the QSR Asia Offer of Sale. The company will spend the funds from the fresh issue for Burger King Restaurants and general corporate purposes.

The lead managers of the IPO include Kotak Mahindra Capital, Edelweiss Financial Services, JM Financial and CLSA India. The shares of the company will be listed on BSE and NSE.

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Company business in India

According to the company, as of September 2020, Burger India has a total of 261 restaurants in India. It also includes 8 sub-franchised Burger King restaurants in 17 states and union territories and 57 cities in India. Burger King India is one of the fastest-growing International Quick Service Restaurant (QSR) in India during the first five years of operation in terms of a number of restaurants.

Previously had applied for IPO

Earlier in November 2019, the company filed a draft with SEBI for an IPO. The company then talked about raising Rs 400 crore through a public issue. In this, QSR Asia issued 60 million equity shares for the offer for sale. However, this time the size of the fresh issue has been increased. Sebi has given the company up to March 31 for documents to increase or decrease the issue size by 50%.

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