Explosive listing of Burger King shares, silver of investors

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Explosive listing of Burger King shares, silver of investors
new Delhi: On Monday, the listing of Burger King’s stock went bang. The company’s shares were listed at a price of Rs 115.38 on BSE with a premium of 92.25 per cent. The company had a price band of Rs 59-60 for the issue.

On the NSE too, the company’s shares were listed at a price of Rs 112.50 with a premium of 87.5 per cent. The issue of the company was open for subscription during 2 to 4 December, which was subscribed 156.65 times.

The issue of Burger King is the second most subscribed issue this year. Earlier, Mazagon Dock’s IPO was subscribed 157.65 times by investors. Mazgaon Dock, which was listed in October, was listed at a premium of around 50 per cent.

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This year, the issue of many companies has received more than 100 times subscription. It includes Happiest Minds (156.6 times) and Chemcon Specialty Chemicals (149.3 times) in addition to Burger King and Mazgaon Dock. Both these shares were listed at a premium of over 100 per cent.

Burger King raised Rs 810 crore from the primary market through its issue. All categories of investors had bid fiercely in the company’s IPO. The category of qualified institutional investors received 86.84 times, the retail category received 68.15 times and the rich investors category got 354.11 times.

During the financial year 2015-16 to FY 2019-20, the company’s revenue grew at a rate of 56 per cent annually to Rs 841 crore. During this period, revenues of listed company’s rival Jubilant Foodworks and Westlife Development grew at 12 per cent and 17 per cent respectively.

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In four years, Burger King outlets have grown at a rate of 85 per cent, while the growth of rival companies has been less than 10 per cent. Its gross margin was 64 percent, which is more or less equal to Westlife. The company hopes to improve it. The company’s working profit margin stood at 2.4 per cent in FY 2019-20.

The company’s listed rivals include Westlife Development, which operates McDonald’s restaurants in South and Western India through its wholly owned unit Hardcastle Restaurant. In addition, Domino’s operator Jubelant Foodworks is also the company’s listed rival.

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