The globally recognised Burger King brand, also known as the “HOME OF THE WHOPPER®”, was founded in 1954 in the United States and is owned by Burger King Corporation, a subsidiary of Restaurant Brands International Inc., which holds a portfolio of fast food brands that are recognized around the world that include the BURGER KING®, POPEYES® and TIM HORTONS® brands.
Burger King IPO Review
The Burger King brand is the second largest fast food burger brand globally as measured by the total number of restaurants, with a global network of over 18,000 restaurants in more than 100 countries and U.S. territories as at June 30, 2019.
Based on number of restaurants, Burger King IPO are one of the fastest growing international QSR chains during the first five years of their operations in India. Being the national master franchisee of the BURGER KING® brand in India, they have exclusive rights to develop, establish, operate and franchise Burger King branded restaurants in India.
Their master franchisee arrangement gives them the ability to use Burger King’s globally recognised brand name to grow their business in India, while leveraging the technical, marketing and operational expertise associated with the global Burger King brand.
According to the Restated Financial Statements, their revenue from sale of food and beverages grew from Rs. 2,282.86 million in Fiscal 2017 to Rs. 6,285.86 million in Fiscal 2019 and was Rs. 2,108.87 million in the three months ended June 30, 2019. Their same-store sales grew at 12.23% and 29.21% in Fiscal 2018 and 2019, respectively.
Their gross margin grew from Rs. 1,365.63 million in Fiscal 2017 to Rs. 4,003.58 million in Fiscal 2019 and was Rs. 1,363.37 million in the three months ended June 30, 2019.
The Promoter of this company is QSR ASIA PTE. LTD and the lead manager to the issue are Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and JM Financial Limited. The Registrar to this issue is Link Intime India Private Limited.
Burger King IPO Review & Ratings
| IPO Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 7.9/10 |
| Industry Ranking | 7.2/10 |
| Company Background | 8.1/10 |
| Company Reputation | 7.2/10 |
| Competitive Edge | 7.2/10 |
| Financial Statements | 8.0/10 |
| Popularity Index | 7.9/10 |
| Promoters Reputation | 8.2/10 |
| Retail Appetite | 7.1/10 |
| Top Brokers Review | 7.9/10 |
| Overall Ratings | 7.4/10 |
| Star Ratings | ★★★★☆ |
Burger King IPO Dates
The opening and the closing date of Burger King IPO is not known yet.
Burger King IPO Subscription
The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – | ||||
| 2nd Day – | ||||
| 3rd Day – | ||||
| 4th Day – | ||||
| 5th Day – | ||||
| Shares Offered or Net Issue |
Burger King IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
| Basis of Allotment Finalization | |
| Refunds Initiation | |
| Credit of Shares to Demat Account | |
| Share Listing Date |
Burger King IPO Price Band / Cash Price
The face value of each share is Rs. 10 and the cash price of the IPO is not yet disclosed.
Burger King IPO Size
Equity Shares of Burger King IPO is aggregating up to Rs. 4,000 million. Their Company, in consultation with the BRLMs, is considering a Pre-IPO Placement of such number of Equity Shares for cash consideration aggregating up to Rs. 1,500 million, at its discretion, prior to filing of the Red Herring Prospectus with the RoC.
If the Pre-IPO Placement is completed, the number of Equity Shares issued pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to a minimum Offer size of 10% of the post-Offer paid-up. Equity Share capital of their Company being offered to the public.
Burger King IPO Share Offering
- QIB –
- RII –
- NII –
Offer for Sale: Offer for sale of up to 60,000,000 Equity Shares by the Promoter Selling Shareholder aggregating up to Rs. [●] million
Burger King IPO Financial Summary
On the basis of Standalone statement:
| Amount (in INR & million) | ||||
| 30-Jun-19 | Mar-19 | 31-Mar-18 | 31-Mar-17 | |
| Total Assets | 9,572.04 | 9,204.72 | 7,303.55 | 6,984.63 |
| Total Revenue | 2,142.61 | 6,441.30 | 3,887.37 | 2,341.33 |
| Total Expense | 2,160.27 | 6,824.09 | 4,709.69 | 3,059.79 |
| Profit After Tax | (17.66) | (382.79) | (822.32) | (718.46) |
Earnings per Equity Share (in million)
| Amount (in INR & million) | ||||
| 30-Jun-19 | Mar-19 | 31-Mar-18 | 31-Mar-17 | |
| Basic & Diluted | ||||
List of Related Parties (Key Managerial Personnel)
- Sumit P. Zaveri, Chief Financial Officer
- Abhishek Gupta, Chief of Business Development and Operations
- Namrata Tiwari, Chief People Officer
- Ranjana Saboo, Company Secretary
Burger King IPO Issue Object
These are the IPO Issue Objects of the company:
- Funding roll out of new Company-Owned Burger King Restaurants; and
- General corporate purposes.
Burger King IPO – Basis of the Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Exclusive national master franchise rights in India
- Strong customer proposition
- Brand positioned for millennials
- Vertically managed and scalable supply chain
- Operational quality, a people-centric operating culture and effective technology systems
- Well defined restaurant roll out and development process
- Experienced, passionate and professional management team
Burger King IPO – Quantitative Factors
| Basic & Diluted EPS | RONW in % | NAV (Rs.) | |
| 31-Mar-16 | (1.44) | (15.33) | 9.30 |
| 31-Mar-17 | (3.10) | (28.64) | – |
| 31-Mar-18 | (4.87) | (19.55) | – |
- Price to Earnings (P/E) ratio in relation to Price band of [●] to Rs. [●] per Equity Share
| Particulars | P/E ratio |
| Highest | 134.67 |
| Average | 65.02 |
| Lowest | 99.85 |
Burger King Limited: Competitive Peers
Below are the top competitors:
| Sr. No. | Particulars | Face Value (in Rs.) | Basic EPS (In Rs.) | Diluted EPS (In Rs.) | P/E Ratio | RONW (%) | NAV (In Rs.) |
| 1 | Burger King Limited | 10 | (1.44) | (1.44) | [●] | (15.33)% | 9.42 |
| 2 | Jubilant Foodworks Limited | 10 | 24.23 | 24.23 | 65.02 | 25.39% | 95.45 |
| 3 | Westlife Development Limited | 2 | 2.59 | 2.58 | 134.67 | 6.91% | 37.47 |
Burger King IPO Lead Managers
Edelweiss Financial Services Limited
JM Financial Limited
CLSA India Private Limited
Kotak Mahindra Capital Company Limited
Burger King IPO Registrar to Offer
Link Intime India Private Limited
C-101, 1st Floor,
247 Park, Lal Bahadur Shastri Marg
Vikhroli (West)
Mumbai, Maharashtra 400 083
Tel: +91 22 4918 6200
E-mail: [email protected]
Investor grievance E-mail:
[email protected]
Contact Person: Shanti Gopalkrishnan
Website: www.linkintime.co.in
SEBI Registration No.: INR000004058
Other Details:
- Statutory Auditor –S R B C & CO LLP
- Legal Counsel to the Company – Cyril Amarchand Mangaldas
- Bankers to the Company – Escrow Collection Bank
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