Burger King holds its IPO after a troublesome market:
Burger King India Ltd has owned by private equity fund Everstone Capital. It wants to hold its initial public offering due to the spread of COVID-19. The Indian equity markets collapsed because of fears of a global economic fall also, the spread of coronavirus.
As per the sources, After conducting a conference with their advisors, the company decided to postpone the IPO subscription period. Some of the retailers expected this IPO may enter into the public mostly by the ending of March. According to draft papers, they also expected it will raise around Rs 4 billion through this Initial public offering.
Moreover, the company does not release any final decisions about its initial public offering. When the market economic conditions improved then the company will announce its IPO. Furthermore, the Everstone having attached the exclusive rights for the development and operations of Burgerking.
Also, the initial share-sale remains managed by Kotak Mahindra Capital and CLSA India Pvt. Ltd. And, the list also includes Edelweiss Financial Services and JM Financial. However, the shares of the company remained proposed to come about listed on the BSE and the NSE.
Besides, as per the DRHP, the company established 202 outlets including seven sub-franchise stores across 16 states and union territories. Also, in 47 cities across India as of June 30, 2019. Notably, the company posted sales of Rs 644 crores in 2019. So then, this seemed a high of 66% from a year ago.