By Ronojoy Mazumdar
Burger King India Ltd. surged 131 per cent on its first day of trading, the latest successful debut after a spurt of technology company listings helped boost India’s initial share sale pipeline.
The operator of Burger King-branded restaurants in India saw demand nearly 157 times more than the number of shares in its initial public offering earlier this month. With restaurants open for business post-lockdown and vaccines on the way, investors are betting that Indians will soon be thronging fast food chains.
The stock began trading at 115 rupees versus an offer price of 60 rupees and climbed to a high of 138.40 rupees at the 3:30 p.m. close of trade in Mumbai. The debut is the best since 2017 when Astron Paper & Board Mill Ltd. jumped 142 per cent.
Burger King India shares surge, a day after stellar market debut
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Burger King shares surged 16% today to ₹160, a day after more than doubling in price on the listing day. In a remarkable market debut, shares of Burger King India on Monday zoomed nearly 131% against its issue price of ₹60. After today s rise, Burger King shares are up about 166% as compared to its issue price. The market cap of Burger India has now zoomed to nearly ₹5,900 crore.
Burger King s market debut on Monday was best since 2017 when Astron Paper & Board Mill Ltd. jumped 142%.
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