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Burger King India, the
quick-service restaurant chain, is set to launch its initial public
offer (IPO) for subscription on December 2. This would be the
fourteenth IPO in the current year.
The issue will
close on December 4 and the shares are likely to
list on December 14.
Burger King India IPO
opens December 2; price band fixed at Rs 59-60/share
Here are the key things
to know before you subscribe to the offer:
- The public
issue consists of a fresh issue of Rs 450 crore and an offer
for sale of 6 crore equity shares by promoter QSR Asia Pte Ltd
aggregating to Rs 360 crore.
- The fresh issue size
was reduced to Rs 450 crore from Rs 600 crore earlier as the
company has undertaken a pre-IPO placement by way of rights issue
of Rs 58.08 crore to promoter selling shareholder at Rs 44 per
equity share and preferential allotment of Rs 91.92 crore to Amansa
Investments at a price of Rs 58.50 per share.
- The company has fixed
IPO price band at Rs 59-60 per share, which is 5.9-6 times of its
face value of equity shares.
- One can put bids for a
minimum of 250 equity shares and in multiples of 250 equity shares
thereafter, which means retail investors can apply for maximum up
to 3,250 equity shares at a higher price band.
- At a higher price band,
Burger King India aims to raise Rs 810 crore via the issue.
- Burger King trades at
over 40 percent premium in the grey market ahead of IPO.
- The company has
reserved up to 10 percent portion of IPO for retail investors, up
to 15 percent for non-institutional investors and up to 75 percent
for qualified institutional investors.
- The company intends to
use the fresh proceeds from the pre-IPO placement and the fresh
issue to further ramp up its restaurant network, and intends to
open and develop 700 restaurants by December 2026, thus increasing
the restaurant footprint by more than 160 percent in the next 6
years.
- Kotak Mahindra Capital
Company, CLSA India, Edelweiss Financial Services and JM Financial
are the book running lead managers to the issue. The company will
not receive any proceeds from the offer for sale. All the money
will go to the promoter selling shareholders.
- The equity shares are
expected to debut on bourses around December 14, 2020.
- Burger King India
Limited is the national master franchisee of the Burger King brand
in India. It has entered into an agreement with affiliates of
Restaurant Brands International for exclusive rights to develop and
operate Burger King restaurants in India till 2039.
- Restaurant Brands
International is the global owner of a portfolio of highly-reputed
QSR brands such as Burger King, Tim Horton’s and Popeye’s. The
Burger King brand is the second-largest fast-food burger brand
globally, with over 18,600 restaurants across more than 100
countries.
- Burger King India is
one of the fastest-growing QSR brands to reach 200 restaurants
among international QSR brands in India during the first 5 years of
its operations, and currently operates 268 restaurants in 17 states
across the country.
Financials
The company's revenue
from operations rose from Rs 378.1 crore in FY18 to Rs 632.7 crore
in FY19 and to Rs 841.2 crore in FY20. However, due to the COVID-19
pandemic, the revenue in the first half of FY21 was just Rs 135.2
crore.
Same-store sales grew at
29.21 percent in FY19 and 6.11 percent in the nine months ended
December 2019. Same-store sales decreased by 0.30 percent in FY20
and by 56.9 percent in the six months ended September 2020
primarily due to the impact of the COVID-19 crisis.
The company continued to
report losses in last every year but gross margin remained stable
around 63.6 percent in the first half of FY21 against 64.2 percent
in FY20 and 63.6 percent in FY19.
Management
Shivakumar Pullaya Dega
is the Chairman and Independent Director of the company, while
Rajeev Varman is the Chief Executive Officer and Whole Time
Director.
Shivakumar Pullaya Dega
was appointed as an Independent Director of the company in October
2019. He is also currently serving as the Group Executive President
for corporate strategy and business development of Aditya Birla
Management Corporation.
Ajay Kaul, Amit Manocha,
Jaspal Singh Sabharwal and Peter Perdue are Non-Executive Directors
on the board, while Sandeep Chaudhary and Tara Subramaniam are
Independent Directors.