The Rs 881 crore initial public offering (IPO) of snacks and sweets maker Bikaji Foods International is available from November 3-7, 2022. It has a price band of Rs 285-300 per share.
The initial public offering (IPO) of snacks and sweets maker Bikaji Foods International opened for subscription on Thursday, November 3, 2022.
The initial public offering (IPO) of snacks and sweets maker Bikaji Foods International opened for subscription on Thursday, November 3, 2022. It opened for public subscription at 10 am and was subscribed around 21 per cent by 12:06 pm on the first day of bidding.
It received total bids for 44,26,750 shares across both the stock exchanges against 2,06,36,790 shares on offer, data from National Stock Exchange (NSE) showed.
The Rs 881 crore Bikaji Foods IPO will be available for subscription till Monday, November 7, 2022, and the price band has been fixed at Rs 285-300 per share.
Among the selling shareholders are both the promoters – Shiv Ratan Agarwal and Deepak Agarwal, who are looking to sell up to 25 lakh company shares each.
Apart from the promoters, existing investor selling shareholders are – India 2020 Maharaja Ltd, Intensive Softshare Pvt Ltd, IIFL Special Opportunities Funds and Avendus Future Leaders Fund I.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 35 per cent for retail investors.
Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and are the second fastest growing company in the Indian organised snacks market.
The company claimed they were largest manufacturer of Bikaneri bhujia with annual production of 29,380 tonnes in Fiscal 2022 (FY22) and during the same period they were also the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes.
Apart from snacks, the company is also a leading maker of packaged rasgulla, soan papdi and gulab jamun.
“We are also the third largest player in the organised sweets market with annual capacity of 24,000 tonnes for packaged rasgulla, 23,040 tonnes for soan papdi and 12,000 tonnes for gulab jamun,” the company said in its red herring prospectus (RHP).