Burger King India Limited (BKIL) is coming out with an initial public offer (IPO) of a fresh issue of Equity Shares aggregating up to Rs. 4,500 million* by the company ("Fresh Issue") and an offer for sale of up to 60,000,000 Equity Shares by QSR Asia Pte. Ltd. ("Promoter Selling Shareholder") ("Offer for Sale", and together with the fresh issue, "Offer").
The company has undertaken a pre-ipo placement by way of a: (i) Rights Issue of 1,32,00,000 equity shares to the Promoter Selling Shareholder for cash at a price of Rs. 44 per equity share aggregating to Rs. 580.80 million pursuant to the resolution of the board dated May 23, 2020; and (ii) Preferential allotment of 15,712,820 Equity Shares to AIL for cash at a price of Rs. 58.50 per equity share aggregating to Rs. 919.20 million, in consultation with the BRLMs, pursuant to the resolution of the board dated November 18, 2020. The size of the fresh issue of up to Rs. 6,000 million has been reduced by Rs. 1,500 million pursuant to the pre-IPO placement, and accordingly, the fresh issue size is up to Rs. 4,500 million.
Bids can be made for a minimum of 250 Equity Shares and in multiples of 250 Equity Shares thereafter.
The company has allotted 6,07,50,000 equity shares to 55 anchor investors and raised Rs 364.50 crore ahead of the company's proposed IPO at an upper price band of Rs 60 per equity shares.
Several brokerages have come out with reports on the IPO with their views and many of them have advised "Subscribe" to the issue. What brokerages say?
|Kotak Securities||Not Rated|