Mumbai: Investors scrambled to get a bit of Burger King India’s initial public offering, or IPO, which garnered bids up to 157 times the stocks on offer in an indication that investors are betting big on the nation’s food administration area despite a stoppage perpetrated by the coronavirus pandemic.
The Indian unit, which runs the establishment of Restaurant Brands International Inc’s U.S. chain Burger King, vies with McDonald’s and Domino’s Pizza for a piece of India’s $56.5 billion market.
The IPO, which shut on Friday, meant to raise $110 million. After an underlying apportioning to institutional speculators, the leftover issue of $60.5 million pulled in offers worth $9.5 billion, stock trade information showed.
Burger King India intends to utilize the IPO continues to open stores and pay off past commitments. It right now has 261 sources across India, Domino’s 1,354 and McDonald’s 481.
The premium in Burger King India’s IPO came regardless of the COVID-19 pandemic pushing same-store deals somewhere around 57% during a half year to Sept. 2020, with the organization saying the pandemic had “eased back fundamentally” its development plans.
India has so far this year witnessed 41 IPOs, the least since 2013, showed stock market data.