Burger King India Ltd has filed its draft prospectus for an IPO with Securities and Exchange Board of India. The IPO is a combination of fresh issue and an offer for sale, where it looks to raise ₹542 crore as fresh capital. Its promoter QSR Asia Pte will partially exit via an offer for sale of 6 crore equity shares and the initial share-sale is being managed by Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial.
The company’s shares are proposed to be listed on the BSE and the NSE. As of September 2020, the company had 261 restaurants including eight sub-franchised Burger King Restaurants across 17 states and union territories and 57 cities across India, as per the addendum to the draft red herring prospectus (DRHP).
The firm plans to use net proceeds from the fresh capital to roll out new restaurants in the country. It plans to have about 700 restaurants, including sub-franchised outlets by December 31, 2026, which has recently been extended by one year from December 31, 2025 due to the COVID-19 crisis, according to its draft prospectus.
The company has revised the target for the fresh issue of shares to Rs 542 crore. In November 2019, the company filed draft papers with SEBI to raise Rs 400 crore through fresh issue of shares and an offer for sale of up to 6 crore equity shares by QSR Asia.
The regulator has given relaxation till March 31 to companies in respect of filing of fresh offer documents in case of an increase or decrease of issue size by 50 percent.