Bikaji Foods IPO: Shares listing likely tomorrow. Check GMP

Market


The initial public offering of Bikaji Foods International was subscribed 26.67 times on Monday, November 7, 2022 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.

The quota meant for Qualified Institutional Buyers (QIBs) received 80.63 times subscription, while the non-institutional investors category was subscribed 7.10 times and Retail Individual Investors (RIIs) was subscribed 4.77 times.

As per market observers, Bikaji Foods shares are commanding a premium (GMP) of 23 in the grey market today. The finalisation of the share allotment has been done and now all eyes are on the company’s stock market debut. The shares of the company are expected to list on leading stock exchanges BSE and NSE tomorrow i.e., Wednesday, November 16, 2022.

Bikaji Foods IPO consisted of 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders. Since the IPO was completely an OFS, the company will not receive any proceeds from the issue. The price band was fixed in the range of 285 to 300 per share. Ahead of its issue, Bikaji Foods said it has 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 International Ltd is one of India’s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets. 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.

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.

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