The initial public offering (IPO) of Bikaji Foods International closed on Monday, November 7, 2022 and now all eyes are on the finalization of basis of share allotment of Bikaji Foods IPO is expected to take place this week on Friday, November 11, 2022. The issue, with a price band of ₹285-300 a share, was open for public subscription on November 3, 2022.
The public issue was booked 26.67 times by the last day of subscription. The ₹881-crore IPO received bids for 55,04,00,900 shares against 2,06,36,790 shares on offer, as per data available with the NSE.
As per market observers, Bikaji Foods shares are commanding a premium (GMP) of ₹38 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.
Manufacturer of snacks and sweets Bikaji Foods International mobilised ₹262 crore from anchor investors. The firm decided to allocate 87.37 lakh equity shares to anchor investors at ₹300 apiece, aggregating the transaction size to ₹262 crore.
Eastspring Investments, BNP Paribas, Morgan Stanley, Government of Singapore, Nomura, BlackRock, Goldman Sachs, Tata Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential MF, WhiteOak Capital, Kotak MF, HDFC MF and Edelweiss MF are among the anchor investors.
Bikaji Foods IPO was a pure offer-for-sale (OFS) of around 2.94 crore equity shares by its promoters and existing shareholders. Both the promoters, Shiv Ratan Agarwal and Deepak Agarwal, offloaded up to 25 lakh company shares each. Other entities that sold their shares were India 2020 Maharaja, Ltd; Intensive Softshare Pvt Ltd; IIFL Special Opportunities Funds and Avendus Future Leaders Fund I.
Bikaji is the largest manufacturer of Bikaneri bhujia with annual production of 29,380 tonnes and is a leading maker of packaged rasgulla, soan papdi and gulab jamun.
Going by the draft paper, the Bikaneri bhujia was given the geographical identification (GI) tag in 2010, since it is a popular cottage industry of Bikaner, providing employment to a large group of people in the region. None other than the registered users are allowed to use the name of ‘Bikaneri bhujia’ as a generic product.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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