Bikaji Foods IPO consists of 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders. The company will not receive any proceeds from the issue. Bikaji is aiming to mop-up an estimated ₹1,000 crore, through its share sale, sources told news agency PTI.
As per market observers, Bikaji Foods shares are commanding a premium (GMP) of ₹76 in the grey market today. The shares of the company are expected to list on leading stock exchanges BSE and NSE on Wednesday, November 16, 2022. The finalisation of the basis of share allotment is expected to take place on Friday, November 11, 2022.
Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal (HUF) and Deepak Agarwal (HUF) are the promoters of the company. Founders Shiv Ratan Agarwal and Deepak Agarwal will sell 25 lakh shares each. India 2020 Maharaja (PE Firm Lighthouse) will offload 1.21 crore shares, IIFL Special Opportunities Fund will sell 1.1 crore shares and Avendus Future Leaders Fund will offload 12 lakh shares.
Founder of Bikaji Foods International Shiv Ratan Agarwal is the grandson of Haldiram's founder Gangabishan Agarwal. Shiv Ratan Agarwal founded the company in 1986. It was originally incorporated as Shivdeep Industries Ltd. In 1993, the company's name was changed to Bikaji Foods.
Bikaji is one of India’s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organised snacks market.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks and other snacks which primarily includes gift packs (assortment), frozen food, mathri range and cookies.
JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital are the lead managers to the IPO. Link Intime India Private Ltd is the registrar of the issue.
