Burger King India Ltd, the US-based Indian Company, which provids ready to eat food products, has modified its Initial public (IPO) offering and raised the size of the public issue to Rs. 542 crore. In the initial filing with the market regulator SEBI in November 2019, Burger King India proposed an issue of Rs. 400 crore. The offer for sale (OFS) terms with regard to existing shares remains unchanged as part of which promoter QSR Asia will sell 6 crore equity shares. Further, promoters of Burger King India have bought new equity in the pre-IPO bid and infused a sum of another Rs. 58 crore in the company.
The company received regulatory nods for the public offer in January this year, but the global market rout due to the pandemic in March forced the company to defer its plans. Moreover, in the wake of the pandemic, the SEBI has allowed companies to modify their offer size until March 31.
The company has increased the size of its fresh equity issuance from Rs. 400 crore to Rs. 600 crore inclusive of promoters' purchase of 1.32 crore fresh equity shares at Rs 44 per share for an amount totalling to Rs 58 crore, in a pre-IPO rights issue. The Market regular says that the company may carry out another round of pre-IPO allotment worth Rs.92 crore that could lower the fresh issue size from Rs.542 crore. Before the issue, QSR Asia, promoter of Burger King has 99.39-pc stake in the company, while the public shareholding stands at 0.61-pc.
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