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The portion set aside for retail investors was subscribed 68.14 times, while the portion set aside for qualified institutional buyers (QIBs) and non-institutional investors were subscribed 86.6 times and 354.11 times, respectively. The IPO received bids for 1,166.9 crore shares against an offer size of 7.44 crore shares, data available on the exchanges showed. Analysts said a buoyant secondary market and cheaper valuations of Burger King in the IPO compared to some of its listed peers led to the rush for the issue.
In October, the Rs 443 crore-IPO of Mazagon Dock Shipbuilders issue was subscribed 157 times while in September, the Rs 318 crore-issue of Chemcon Speciality Chemicals offer was subscribed 150 times. The Rs 702 crore-IPO of Happiest Minds Technologies too got subscribed more than 150 times in September.
So far in 2020, 13 companies have raised Rs 25,772 crore through IPOs compared to Rs 12,362 crore raised by 16 companies.
The Burger King IPO consisted of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to six crore shares, aggregating Rs 360 crore. It is being sold in the price band of Rs 59-60 apiece. On Tuesday the company raised Rs 365 crore by allotting 6.08 crore shares to 55 anchor investors at Rs 60 per share.
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