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.Stock Broker Complaints


Burger King IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 7.9/10
Industry Ranking 7.2/10
Company Background 8.1/10
Company Reputation 7.2/10
Competitive Edge 7.2/10
Financial Statements 8.0/10
Popularity Index 7.9/10
Promoters Reputation 8.2/10
Retail Appetite 7.1/10
Top Brokers Review 7.9/10
Overall Ratings 7.4/10
Star Ratings ★★★★☆

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. (Source: Technopak) 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.

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.

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 not known yet.


Burger King IPO Subscription

Day / Date QIB NII RII Total 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 Finalization
Refunds Initiation
Credit of Shares to Demat Account
Share Listing Date

Burger King IPO Price Band / Cash Price

The face value of each share is Rs 10,and the cash price of the IPO is not yet disclosed. 


Burger King IPO Size

The fresh issue of [●] Equity Shares aggregating up to Rs. 4,000 million by their Company Their Company, in consultation with the BRLMs, is considering a Pre-IPO Placement of such number of Equity Shares for cash consideration aggregating up to Rs. 1,500 million, at its discretion, prior to filing of the Red Herring Prospectus with the RoC.

If the Pre-IPO Placement is completed, the number of Equity Shares issued pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to a minimum Offer size of 10% of the post-Offer paid-up Equity Share capital of their Company being offered to the public.


Burger King IPO Share Offering

  • QIB –
  • RII – 
  • NII –

Offer for Sale : Offer for sale of up to 60,000,000 Equity Shares by the Promoter Selling Shareholder aggregating up to Rs. [●] million


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 Master Franchise

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 – QSR restaurants

Since opening their first restaurant in November 2014, they have used their well defined restaurant roll out and development process with the aim of growing quickly, consistently and efficiently into a pan-India QSR chain and capitalising on the growing market opportunity in India for QSR restaurants.

As at June 30, 2019, they had 202 restaurants, including seven Sub-Franchised Burger King Restaurants, across 16 states and union territories and 47 cities across India. As at the date of this Draft Red Herring Prospectus, they had 216 Company-owned Burger King Restaurants and eight Sub-Franchised Burger King Restaurants.

Burger King Restaurant Network

They build their restaurant network using a cluster approach and penetration strategy with the objective to provide greater convenience and accessibility for their customers across relevant geographies. They launch their brand from flagship locations in high traffic and high visibility locations in key metropolitan areas and cities across India and then develop new restaurants within that cluster.

This approach also helps them to efficiently manage their vertically managed and scalable supply chain and drive down costs, due to the proximity of their restaurants to each other and to the distribution centres of their third-party distributor.

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 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 India Ltd – Financial Statements

Company had total cash outflows for leases of INR 187.23 million, INR 639.30 million, INR 484.30 million, INR 352.04 million in three months period ended June 30, 2019 and for the years ended March 31, 2019, March 31, 2018 and March 31, 2017 respectively.

The Company also had non-cash additions to Rights-of-use assets of INR 412.63 million, INR 1,286.12 million, INR 952.39 million and INR 1,151.25 million in three months period ended June 30, 2019 and for the years ended March 31, 2019, March 31, 2018 and March 31, 2017 respectively.

Company also had non-cash additions to lease liabilities of INR 376.52 million, INR 1,217.25 million, INR 908.16 million and INR 1,107.09 million in three months period ended June 30, 2019 and for the years ended March 31, 2019, March 31, 2018 and March 31, 2017 respectively.

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-Jun-19 Mar-19 31-Mar-18 31-Mar-17
Total Assets 9,572.04 9,204.72 7,303.55 6,984.63
Total Revenue 2,142.61 6,441.30 3,887.37 2,341.33
Total Expense 2,160.27
6,824.09
4,709.69 3,059.79
Profit After Tax (17.66) (382.79) (822.32) (718.46)

Earnings per Equity Share (in million)

Amount (in INR & million)
30-Jun-19 Mar-19 31-Mar-18 31-Mar-17
Basic & Diluted

 


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

Interest in promotion of the Company

Their Promoter is interested in their Company to the extent that it has promoted their Company and in respect of its shareholding in their Company and dividends, if any, received in relation to such holding.

Interests of Promoter in property of their Company

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.


Burger King IPO Offer Details or Issue Details

Particulars  No. Of Equity Shares
 Equity Shares Offered  Up to [●] Equity Shares, aggregating up to Rs. [●] million
 Of which:
Fresh Issue [●] Equity Shares, aggregating up to Rs. 4,000 million
Offer for Sale Up to 60,000,000 Equity Shares, aggregating up to Rs. [●] million
 QIB Portion Not 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 Issue 266,630,674 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 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 EPS RONW 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)
  • Price to Earnings (P/E) ratio in relation to Price band of Rs. [●] to Rs. [●] per Equity Share
Particulars P/E ratio
Highest 134.67
Average 65.02
Lowest 99.85

Burger King Limited: Competitive Peers

Below are the top competitors:

Sr. No.  Particulars Face Value  (in Rs.) Basic EPS (In Rs.) Diluted EPS (In Rs.) P/E Ratio RONW (%)  NAV (In Rs.)
1 Burger King Limited 10 (1.44) (1.44) [●] (15.33)% 9.42
2 Jubilant Foodworks Limited 10 24.23 24.23 65.02 25.39% 95.45
3 Westlife Development Limited 2 2.59 2.58 134.67 6.91% 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:
Investor grievance E-mail:

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 Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 7.5/10 7.4/10 8.5/10 8.1/10 7.1/10
Sharekhan 7.2/10 7.1/10 8.6/10 8.1/10 7.2/10
Kotak Securities 7.3/10 7.5/10 8.4/10 8.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 8.7/10 8.1/10 7.1/10
IIFL 7.5/10 7.2/10 8.8/10 8.0/10 7.1/10
Edelweiss 7.5/10 7.4/10 8.4/10 8.3/10 7.2/10
Zerodha 7.4/10 7.1/10 8.5/10 8.1/10 7.0/10
5Paisa 7.1/10 7.1/10 8.4/10 8.1/10 7.1/10
Karvy 7.4/10 7.3/10 8.2/10 8.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 8.6/10 8.3/10 7.2/10

Burger King IPO Grey Market Premium

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


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Burger King IPO News

News 1 – IPO ISSUE OPENS SOON [Download Prospectus]


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