Burger King gains 130% on listing day

Burger King India made a strong debut on the bourses on Monday, closing at Rs 138.40 — a 130 percent premium over its issue price of Rs 60. This has been the strongest closing on the listing day since December 2017, when Astron Paper & Board Mill ended up 139.4 per cent over its issue price on its listing day on December 29, 2017.

On Monday, Burger King listed at Rs 115.35 on the BSE, up 92 per cent over the issue price — the fourth best listing in 2020. The company - which owns the exclusive rights to launch and operate Burger King restaurants in Asia's second most populous nation after China - raised 8.1 billion rupees (about $110 million) in the IPO.

It set up its first outlet in India six years ago, and has since opened nearly 270 restaurants nationwide, according to a stock exchange filing.

Burger King India plans to use some of the funds to expand its network to about 300 restaurants by the end of next year, and is targeting at least 700 locations by the end of 2026.