Burger King IPO Review, Dates, Allotment, Size, Live Bid Details, GMP & RHP

Let’s have a detailed review of the company and analytics of the Burger King India Limited IPO release date, IPO offer price, subscription, Burger King IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.

Face ValueRs 10
Price BandRs 59 – Rs 60
Listing AtBSE, NSE
Min. Order Quantity250
Listing Date Dec 14, 2020
Offer for SaleRs 3600 MILLION
Fresh IssueRs 4500 MILLION
IPO SizeRs 8100 MILLION
Tick SizeNA

Burger King IPO is listed at NA premium, check out the live share price by clicking on the below link.

Burger King Share Price – Live Performance

Summary of Burger King IPO

Burger King IPO

They are one of the fastest growing international QSR chains in India during the first five years of their operations based on number of restaurants.

As the national master franchisee of the BURGER KING® brand in India, they have exclusive rights to develop, establish, operate and franchise Burger King branded restaurants in India.

Their master franchisee arrangement provides them with the ability to use Burger King’s globally recognised brand name to grow their business in India, while leveraging the technical, marketing and operational expertise associated with the global Burger King brand.

The Promoter of this company is QSR ASIA PTE. LTD. The lead manager to the issue is Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and JM Financial Limited. The Registrar to this issue is Link Intime India Private Limited.


Burger King IPO Dates

The opening and the closing date of Burger King IPO is Dec 2, 2020 and Dec 4, 2020.


Burger King IPO Subscription

Day / DateQIBNIIRIITotal Subscription
1st Day – 
2nd Day – 
3rd Day – 
4th Day – 
5th Day – 
Shares Offered or Net Issue

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Burger King IPO Allotment Status

Here, you can find the Allotment Status of this IPO.

Basis of Allotment FinalizationDec 9, 2020
Refunds InitiationDec 10, 2020
Credit of Shares to Demat AccountDec 11, 2020
Share Listing DateDec 14, 2020

Burger King IPO Price Band / Cash Price

The face value of each share is Rs 10, and the cash price of the IPO is Rs.59 to Rs.60. 


Burger King IPO Equity Size

This Initial Public Issue of 17,391,303 Equity Shares of Rs.10 each for cash at a price of Rs.59 to Rs.60 per equity share aggregating to Rs.8100 million.


Burger King IPO Share Offering

Fresh Issue: The Fresh Issue of 75,000,000 Equity Shares by their Company, aggregating to Rs.4500 million,

Issue Size: 135,000,000 Equity Shares of Rs.10 each, aggregating to Rs.8100 million

Offer for Sale: Offer for sale consists of Up to 60,000,000  Equity Shares of face value of Rs.10 each, aggregating Rs.3,600 million.


Burger King IPO – Live Performance

The listing date of this IPO is Dec 14, 2020. You can check the live performance of the IPO here, only after it is listed on exchanges.

Live IPO Performance – Burger King Share Price

Burger King IPO Grey Market Premium

The Burger King Limited IPO Grey Market Premium price is Rs 20-25, the Kostak rate is Rs 5500 and the Subject to Sauda is X. 


Burger King Limited – Company Overview

The globally recognised Burger King brand, also known as the “HOME OF THE WHOPPER®”, was founded in 1954 in the United States and is owned by Burger King Corporation, a subsidiary of Restaurant Brands International Inc., which holds a portfolio of fast food brands that are recognized around the world that include the BURGER KING®, POPEYES® and TIM HORTONS® brands.

The Burger King brand is the second largest fast food burger brand globally as measured by the total number of restaurants, with a global network of over 18,000 restaurants in more than 100 countries and U.S. territories as at June 30, 2019.

Burger King IPO Business Verticals

Their master franchisee arrangement provides them with flexibility to tailor their menu to Indian tastes and preferences, as well as their promotions and pricing.

Their customer proposition focuses on value leadership, offering their customers variety through innovative new food offerings at different day parts, catering to the local Indian palate, offering a wide range of vegetarian meal options, and their taste advantage and flame grilling expertise.

They believe that this enables them to grow their customer base by attracting customers looking for everyday value and giving them opportunities to access their brand for the first time.

This also increases the frequency and occasions when customers can visit their restaurants, which drives footfalls and same-store sales.

This has driven footfalls and same-store sales in their restaurants and enabled them to become one of the fastest growing QSR brands to reach 200 restaurants among international QSR brands in India during the first five years of their operations. (Source: Technopak)


Burger King India Ltd – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Burger King IPO Financial Summary

On the basis of Standalone statement:

Amount (in INR & million)
30-Sep-2031-Mar-20Mar-1931-Mar-18
Total Assets11,771.1811,977.079,204.727,303.55
Total Revenue1,516.548,468.296,441.303,887.37
Total Expense
6,824.09
4,709.69
Profit After Tax(1,189.46)(765.70)(382.79)(822.32)

Earnings per Equity Share (in million)

Amount (in INR & million)
30-Sep-2031-Mar-20Mar-1931-Mar-18
Basic & Diluted

From FY 2015-16 to FY 2018-2019, as per the Restated Financial Statements

  • Their revenue from sale of food and beverages grew from Rs. 2,282.86 million in Fiscal 2017 to Rs. 6,285.86 million in Fiscal 2019 and was Rs. 2,108.87 million in the three months ended June 30, 2019. Their same-store sales grew at 12.23% and 29.21% in Fiscal 2018 and 2019, respectively.
  • Their gross margin grew from Rs. 1,365.63 million in Fiscal 2017 to Rs. 4,003.58 million in Fiscal 2019 and was Rs. 1,363.37 million in the three months ended June 30, 2019.

Burger King IPO – Promoters

The Promoter of this company is:

  • QSR ASIA PTE. LTD

List of Related Parties (Key Managerial Personnel)

  • Sumit P. Zaveri, Chief Financial Officer
  • Abhishek Gupta, Chief of Business Development and Operations
  • Namrata Tiwari, Chief People Officer
  • Ranjana Saboo, Company Secretary

Burger King Limited: Key Strength

  • Exclusive national master franchise rights in India
  • Strong customer proposition
  • Brand positioned for millennials 109
  • Vertically managed and scalable supply chain
  • Operational quality, a people-centric operating culture and effective technology systems
  • Well defined restaurant roll out and development process
  • Experienced, passionate and professional management team

Burger King IPO Offer Details or Issue Details

Particulars No. Of Equity Shares
 Equity Shares Offered Up to 135,000,000  Equity Shares, aggregating up to Rs.8100 million
 Of which:
Fresh Issue75,000,000  Equity Shares, aggregating up to Rs.4500 million
Offer for SaleUp to 60,000,000 Equity Shares, aggregating up to Rs.3600 million
 QIB PortionNot less than [●] Equity Shares
 Of which
Anchor Investor Portion
Up to [●] Equity Shares
Balance available for allocation to QIBs other than Anchor Investors (assuming Anchor InvestorPortion is fully subscribed [●] Equity Shares
 Of which
Available for allocation to Mutual Funds only (5%of the QIB Portion (excluding the Anchor InvestorPortion)
[●] Equity Shares
Balance of QIB Portion for all QIBs including Mutual Fund
Non- Institutional Portion
Not more than [●] Equity Shares
Retail Portion
Not more than [●] Equity Shares
 Equity Shares outstanding prior to the Issue266,630,674 Equity Shares
 Equity Shares outstanding after the Issue[●] Equity Shares

Burger King IPO Issue Object

These are the IPO Issue Objects of the company:

  • Funding roll out of new Company-Owned Burger King Restaurants; and
  • General corporate purposes.

Burger King Limited: Business strategies

  • Continued expansion of portfolio
  • Enhance productivity and operational efficiencies
  • Optimizing the value of their asset portfolio through an efficient capital structure

Burger King IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Exclusive national master franchise rights in India
  • Strong customer proposition
  • Brand positioned for millennials
  • Vertically managed and scalable supply chain
  • Operational quality, a people-centric operating culture and effective technology systems
  • Well defined restaurant roll out and development process
  • Experienced, passionate and professional management team

Burger King IPO – Quantitative Factors

Basic & Diluted EPSRONW in %NAV (Rs.)
31-Mar-16(1.44)(15.33)9.30
31-Mar-17(3.10)(28.64)
31-Mar-18(4.87)(19.55)

Burger King Limited: Competitive Peers

Sr. No. ParticularsFace Value  (in Rs.)Basic EPS (In Rs.)Diluted EPS (In Rs.)P/E RatioRONW (%) NAV (In Rs.)
1Burger King Limited10(1.44)(1.44)[●](15.33)%9.42
2Jubilant Foodworks Limited1024.2324.2365.0225.39%95.45
3Westlife Development Limited22.592.58134.676.91%37.47

Burger King IPO Lead Managers

Lead Managers
Edelweiss Financial Services Limited
JM Financial Limited
CLSA India Private Limited
Kotak Mahindra Capital Company Limited

Burger King IPO Registrar to Offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor,
247 Park, Lal Bahadur Shastri Marg
Vikhroli (West)
Mumbai, Maharashtra 400 083
Tel: +91 22 4918 6200
E-mail: burgerking.ipo@linkintime.co.in
Investor grievance E-mail:
burgerking.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
Website: www.linkintime.co.in
SEBI Registration No.: INR000004058

Other Details:

  • Statutory Auditor – S R B C & CO LLP
  • Legal Counsel to the Company – Cyril Amarchand Mangaldas
  • Bankers to the Company – Escrow Collection Bank


Burger King IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

 

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    Burger King IPO News

    News 1 – IPO ISSUE OPENS SOON [Download Prospectus]


    Burger King IPO Review FAQs

    Ques – What is the Issue Size of Burger King IPO?

    Answer – We have the end to end information pertaining to the latest IPO – Burger King IPO. This Initial Public Issue of 17,391,303 Equity Shares of Rs.10 each for cash price of Rs.59 to Rs.60 per equity share aggregating to Rs.8100 million.

    Ques – What is the Price band?

    Answer – As per the draft red hearing prospectus issued by the company, the face value of each share is Rs 10. On the other hand, the cash price of the IPO is Rs.59 to Rs.60. 

    Ques – What is the Burger King IPO Open Date?

    Answer – The opening and the closing date of Burger King IPO is Dec 2, 2020 and Dec 4, 2020. Investors can take a step and invest in this IPO following the stated dated and gain up on the shares of thi company.

    Ques – What is the IPO Allotment Date?

    Answer – Finalization of basis of allotment is set on the day of Dec 9, 2020. Following this day, the shared allotted will be credit to respective demat accounts on Dec 11, 2020. IPO shall be listed on exchanges on Dec 14, and the refunds are set to be initiated on Dec 10, 2020.

    Ques – What is the IPO Listing Date?

    Answer – Shares of this company shall be listed on both the reputed exchanges, i.e. BSE and NSE. Date on which listing is set to take place is Dec 14,2020, which is post allotment of all the shares.

    Ques – Who is the Registrar of this IPO?

    Answer – Designated registrar of Burger King IPO is Link Intime India Pvt Ltd. They are one of the registrars who have earns a significant stature, and you can refer to the official website for IPO Allotment status.

    Ques – Who is the Promoter of this Company?

    Answer – As per the insights provided in the draft red hearing prospectus, the company promoters are QSR ASIA PTE. LTD

    Ques – What is GMP of Burger King IPO?

    Answer – We also have the headsup on the GMP or the Grey Market Premium of this issue. The Burger King Limited IPO Grey Market Premium price is Rs 20-25.

    Ques – Is Burger King IPO good for Investment?

    Answer – It is one of the well known international QSR chains, which managed to gain significant place, in India. However, you can determine the worthiness of investment based on your specific investment strategies.

    Ques – What is the PAT of this Company?

    Answer – We have the information from 3 financials years and September 2020 quarter ended. The food chain has incurred losses all along these years, making (1,189.46) loss in September quarter. Figures from the year ended 2020, 2019 and 2018 are – (765.70), (382.79) and (822.32) respectively.


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