Bikaji Foods International Ltd IPO GMP: The initial public offering (IPO) of snacks and sweets maker Bikaji Foods International opened for subscription on Thursday, November 3, 2022. It was opened for public subscriptions at 10 am and about 21 per cent 12 subscribed. : 06 PM on the first day of auction.
Data from the National Stock Exchange (NSE) showed that the two bourses received total bids for 44,26,750 shares against 2,06,36,790 shares.
The Rs 881 crore Bikaji Foods IPO will be available for subscription till Monday, November 7, 2022, and is priced at Rs 285-300 per share.
The IPO is an offer for sale (OFS) of 29,373,984 shares to its promoters and existing shareholders. The company will not receive any income from the issue.
Among the selling shareholders are Shiv Ratan Agarwal and Deepak Agarwal, who will sell 25 lakh shares of the company each. Apart from the promoters, the existing investors are the selling partners – India 2020 Maharaja Ltd, Intensive Softshares Pvt Ltd, IIFL Special Opportunities Fund and Aventus Future Leaders Fund I.
Half of the issue volume is 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 the second fastest growing company in the Indian organized snacks market. The company said Bikaneri is the largest producer of Pujia with an annual production of 29,380 tonnes in fiscal year 2022 (FY22) and the second largest producer of handmade papat with an annual production capacity of 9,000 tonnes during the same period.