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Burger King Gets Sebi’s Approval To Float IPO

By LawStreet News Network      30 January, 2020 12:01 PM      0 Comments
Burger King Gets Sebi’s Approval To Float IPO

Burger King India on January 28, 2020 has received market regulator Securities Exchange Board of India's (SEBI) approval for floating an initial public offering (IPO). The company had filed its draft IPO papers in November and obtained final observations on January 24, 2020 as per the latest update with the SEBI.

Companies willing to launch public issues such as initial public offer, follow-on public offer and rights issue have to obtain the regulator’s observations mandatorily. 

Burger King’s offer comprises fresh issue of equity shares aggregating up to Rs. 400 crores and an offer for sale of up to Rs. 6 crores' equity shared by the promoter, QSR (Quick Service Restaurant) Asia. Net proceeds from the issue are proposed to be utilized for funding the roll out of new company-owned Burger King restaurants and for general corporate purposes. 

Kotak Mahindra Capital Company, CLSA India Pvt. Ltd., Edelweiss Financial Services and JM Financial are responsible for the management of the initial share sale. The company’s shares are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). 

Burger King is one of the fastest growing international QSR chains in India during the first five years of operations based on number of restaurants. As of June 30, 2019, the company had 202 restaurants including seven sub-franchised Burger King restaurants across 16 states and union territories and 47 cities across India, as per the Draft Red Herring Prospectus (DHRP) which is an offer document released by a company to give out detailed information about it's business operations and financial status. 

Author: Shubham Jindal

 



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