Shares of Burger King India made a strong debut at the Indian domestic markets on Monday, with stocks rising over 92 per cent against its issue price of Rs 60.
The stock opened at Rs 115.35, a huge premium of 92.25 per cent against the issue price on the BSE. It later rose to a high of Rs 119.80, up 99.66 per cent.
Similarly, on the NSE, it jumped 87.5 per cent to Rs 112.50 in its opening trade.
The company’s market valuation was at Rs 4,535.96 crore on the BSE.
Burger King India’s share sale was subscribed a massive 156.65 times earlier this month.
The price range for the Rs 810-crore initial public offering (IPO) was fixed at Rs 59-60 per share.
Its IPO received an overwhelming response from the investors as it was subscribed 156.65 times.
The quick-service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest is owned by the company.
The company intends to unitise the fresh proceedings in opening new restaurants and to meet general corporate purposes.