Burger King India will use IPO proceeds to start new company-owned Burger King Restaurants.

Burger King India, a quick service restaurant chain in India, has filed papers with market regulator Securities and Exchange Board of India (Sebi) to raise Rs 542 crore through fresh issuance of shares. Burger King’s initial public offer (IPO) will consist of fresh issue of equity shares amounting to Rs 542 crore and an offer for sale of up to 6 crore equity shares by the promoter QSR Asia, according to the addendum to the draft red herring prospectus (DRHP) filed with Sebi. The shares will be listed on the BSE and the NSE.

Burger King India had filed draft papers with Sebi earlier in November 2019 to raise Rs 400 crore through fresh issue of shares and an offer for sale of up to 6 crore equity shares by QSR Asia. It has now increased the funding issue size, in the additional papers filed with the market regulator.

Burger King India will use the IPO proceeds to start new company-owned Burger King Restaurants and for general corporate purposes. It plans to roll out around 700 restaurants, including sub-franchised outlets by December 31, 2026, according to its draft prospectus.

Burger King India has 261 restaurants in 57 cities across the country, in places such as Delhi-NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, Chandigarh, Ludhiana, Amritsar and Kochi.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are the book running lead managers to the public issue.

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