Burger King India IPO
Burger King India Limited (BURGERKING) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 14 December 2020.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +51.7% (likely range +20% to +83%), day's high +62.2%, chance of a gain 97%. Actual: +87.5% at the open, +125.0% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 4,04,23,729 | 3,50,24,25,750 | 86.6x | |
| NII (HNI) total | 2,04,40,677 | 7,23,82,77,000 | 354x | |
| Retail | 1,36,27,118 | 92,86,70,750 | 68.2x | |
| Total | 7,44,91,524 | 11,66,93,73,500 | 157x |
Bids on NSE and BSE together, as published by NSE. Shares offered exclude the anchor portion. 6% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Burger King India's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Happiest Minds TechnologiesSep 2020 | 77.4x | 351x | 70.9x | 151x | ₹702 Cr | +110.8% | +137.9% |
| Ujjivan Small Finance BankDec 2019 | 111x | 473x | 49.1x | 166x | ₹771 Cr | +58.8% | +69.7% |
| Chemcon Speciality ChemicalsSep 2020 | 114x | 449x | 41.2x | 149x | ₹318 Cr | +115.0% | +115.1% |
| Quess CorpJul 2016 | 59.0x | 392x | 34.1x | 144x | ₹411 Cr | +57.7% | +60.7% |
| Mazagon Dock ShipbuildersOct 2020 | 89.7x | 679x | 35.6x | 157x | ₹773 Cr | +48.2% | +49.6% |
| CSB BankNov 2019 | 62.2x | 165x | 44.5x | 86.9x | ₹410 Cr | +41.0% | +57.3% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| CLSA India | 10 | +23.5% | 70% |
| Edelweiss Financial Services | 16 | +25.0% | 69% |
| JM Financial | 109 | +22.8% | 75% |
Offer documents (NSE)
Frequently asked
What is the Burger King India IPO price band and lot size? ₹59.0–60.0 per share, with a lot of 250 shares, so the smallest retail bid is ₹15,000.
How many times has it been subscribed? 157x overall: QIB 86.6x, NII 354x, retail 68.2x.
How did it list? It opened at ₹112, +87.5% against the issue price of ₹60.0, and closed its first day +125.0%.
