Burger King India shares soar in market debut

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 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)

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Aditya Soni)