Burger King India shares nearly double on listing — debut pushes valuation past ₹4,000 crore
Burger King India shareslisted at a premium of 92% giving the Indian subsidiary of American food giant a market valuation of more than ₹4,194 crore. Burger King Indiais the 14th company to list this year.
- The stock opened at ₹115.35 and topped ₹118 in a few minutes of trading in a firm market.
AdvertisementBurger King India soared 95% at the open of its trading debut on Monday, giving the Indian subsidiary of American food giant a market valuation of more than ₹4,194 crore at 10:01 am.
The stock opened at ₹115.35 and topped ₹118 in a few minutes of trading in a firm market. The listing represented a premium of 92% from its initial public offering price band of ₹59-60. The premium is more than what even the grey market was offering ahead of the listing.
Burger King India is the 14th company to list this year. The company will trade with the symbol of ‘BURGERKING’ on the Indian stock exchanges.
This puts Burger King India in an equal position to compete against its other listed peers, including McDonald’s operator Westlife Development, which is worth ₹6,786 crore and Domino’s operator Jubilant FoodWorks, which has a market cap of ₹34,505 crore.
Stellar listing was already on the cards
The ₹810 crore initial public offering (IPO) of the quick-service restaurant (QSR) chain saw a stellar demand from investors — the company clocked in the second-highest subscriptions compared to other IPO contenders in 2020 after Mazagon Dock shipbuilders.
The offer was subscribed 157 times on December 4, the final day of bidding — as it received bids for 11.67 billion shares, against the 74.49 million on offer.
SEE ALSO: Huawei reportedly worked with 4 additional companies to build surveillance tools that track people by ethnicity, following recent revelations that it tested a 'Uighur alarm'
An iPhone factory in India has erupted in violence over a dispute about workers' pay
Popular on BI
- Gen Z faces more pressure at work than previous generations because technology has eliminated work-life boundaries, a psychology professor says
- All 81 movies based on Marvel comics, ranked according to critics
- EY and Deloitte are scrutinizing staff workloads and quietly letting some workers go, report says
- Audio series catch on as Indians spend up to 1.5 hours per day listening to them
- Family Business Succession Planning
- Delhi govt issues guidelines for handling end-of-life vehicles in public places
- Signal launches usernames to keep your phone number private
- Body-adapting bras, reusable period panties & more help this startup bag ₹80 lakh from 'sharks'