Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Restaurant Brands Asia / Equity Capital Markets

Burger King India (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national master franchisee of the Burger King brand in India. As of Oct 2019, it operated 224 restaurants, including 8 sub-franchised restaurants, across 47 cities in India. In my previous note,<a href="https://www.smartkarma.com/insights/burger-king-india-pre-ipo-has-been-growing-fast-and-plans-to-grow-even-faster" target="_blank" rel="noopener"> Burger King India Pre-IPO - Has been growing fast and plans to grow even faster</a>, I covered the company’s background and looked into some of the issues that the company might face.In this note, I’ll compare the company to its two main listed peers in India, <a href="https://www.smartkarma.com/entities/westlife-development-ltd" target="_blank" data-smartkarma-citation="entities:14207:1" rel="noopener">Westlife Development (WLDL IN)</a> and <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a>.

Burger King India (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national master franchisee of the Burger King brand in India. As of Oct 2019, it operated 224 restaurants, including 8 sub-franchised restaurants, across 47 cities in India. In my previous note, Burger King India Pre-IPO - Has been growing fast and plans to grow even faster, I covered the company’s background and looked into some of the issues that the company might face.In this note, I’ll compare the company to its two main listed peers in India, Westlife Development (WLDL IN) and Jubilant Foodworks (JUBI IN).

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex

<a href="https://www.smartkarma.com/entities/burger-king-india" target="_blank" data-smartkarma-citation="entities:28445:1" rel="noopener">Burger King India (BKI IN)</a> (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national master franchisee of the Burger King brand in India. As of Oct 2019, it operated 224 restaurants, including 8 sub-franchised restaurants, across 47 cities in India.BKI’s no. of restaurants have increased by 2.3x over FY17-3M20, while its revenue has grown even faster at 66% CAGR over FY17-19. Although BKI hasn’t managed to break-even, however, it has narrowed its losses to just 0.8% over 3M20.

Burger King India (BKI IN) (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national master franchisee of the Burger King brand in India. As of Oct 2019, it operated 224 restaurants, including 8 sub-franchised restaurants, across 47 cities in India.BKI’s no. of restaurants have increased by 2.3x over FY17-3M20, while its revenue has grown even faster at 66% CAGR over FY17-19. Although BKI hasn’t managed to break-even, however, it has narrowed its losses to just 0.8% over 3M20.

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster

India

Restaurant Brands Asia Limited owns and operates a chain of restaurants. The Company prepares and distributes ready to eat food products such as burgers, fries, and beverages. Restaurant Brands Asia serves customers in India.

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Restaurant Brands Asia (RBA IN)

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex

Burger King India (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national master...

Sumeet Singh

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster

Burger King India (BKI IN) (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national...

Sumeet Singh

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52-week Range

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