Stocks

Burger King India shares soar in market debut

© Reuters. FILE PHOTO: The Burger King company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris

BENGALURU (Reuters) – Burger King India jumped nearly 88% in its market debut on Monday, after it raised about $110 million, signaling upbeat sentiment for the country’s food service sector.

Shares of the Indian company, which runs the franchise of Restaurant Brands International (NYSE:) Inc’s U.S. chain Burger King, opened at 112.50 rupees per share, above the initial public offering price of 60 rupees per share.

At the debut price, the company had a market value of 42.94 billion rupees ($583.11 million).

(This story has been refiled to correct syntax in paragraph 2)

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