Whopper Burger maker, which launched its first restaurant in
India in 2014, competes directly with market leader McDonald's
Corp <MCD.N> and other restaurant chains such as Domino's Pizza.
Burger King India Ltd plans to have 325 stores by December 31,
2020, up from 202 as of June. McDonald's had 470 at last count,
according to data by consulting firm Technopak Advisors.
In the year ended March 2019, Burger King India's revenue from
operations had risen 67% to 6.33 billion rupees ($89.4 million).
Its loss narrowed to 382.8 million rupees in the same period
from 822.3 million rupees a year earlier.
"Burger King is going with a national franchise instead of
regional ones, and that gives them more control and potentially
better growth," Technopak Chairman Arvind Singhal said.
The company plans to use 2.9 billion rupees of the money raised
to open new restaurants, according to the company's IPO papers.
The issue includes an offer for sale of up to 60 million equity
shares by QSR Asia PTE, which owns 99% of the Indian entity. The
company did not disclose pricing details.
Private equity firm Everstone Capital, which operates Burger
King India, is considering a private placement of shares worth
1.5 billion rupees ahead of the IPO, according to the draft red
The company will look to list with the Bombay Stock Exchange as
well as the National Stock Exchange.
Kotak Mahindra Capital, CLSA India, Edelweiss Financial Services
and JM Financial are lead managers of the IPO.
(Additional reporting by Chandini Monnappa in Bengaluru; Editing
by Saumyadeb Chakrabarty and Anil D'Silva)
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