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Today is the last date for investors to subscribe Bikaji Foods pubic offer. The issue has been subscribed 1.48 times at the second day of the opening on Friday. The initial public offer (IPO) came at a price band of ₹285-300 a share and the lot size is 50 shares.
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Bikaji Foods IPO: Should you subscribe?
The company is better placed in comparison with listed peer Prataap Snacks, but pricing is stiffThe portion allocated for retail investors got fully subscribed 2.33 times, while the quota allotted for NIIs and QIBs was subscribed by 1.48 times and 0.3 per cent, respectively.
Overall, the ₹881.22-crore IPO received bids for a little over three crore shares against 2.06 crore shares on offer.
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IPO screener: Bikaji Foods’ public issue subscribed 67% on Day 1
Retail portion fully subscribed; price band fixed at ₹285-300 per shareThe IPO is entirely an offer-for-sale by promoters and investors. Selling shareholders include Shiv Ratan Agarwal (up to 25 lakh shares), Deepak Agarwal (25 lakh), India 2020 Maharaja (up to 1.21 crore), Intensive Softshare (up to 50,000) and IIFL Special Opportunities Fund (up to 31.10 lakh).
The FMCG company on Wednesday mobilised ₹262.11 crore by allotting 87.37 lakh shares at ₹300 each to 36 anchor investors.
The Government of Singapore, ICICI Prudential, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life, Whiteoak Capital, Blackrock Global Funds, Goldman Sachs, Morgan Stanley, Eastspring Investments, Neuberger Berman Emerging Markets Equity Master Fund, Max Life Insurance, Tata Mutual Fund, Carmignac Portfolio, Kotak Mutual Fund, Bay Capital and Edelweiss were among the major anchor investors.
Bikaji Foods is the third-largest ethnic snacks company and the second-fastest growing in the organised snacks market.
The company has operations across 23 States and four Union Territories, and exports products to other countries with a manufacturing capacity of 400 TPD, producing 300 products such as Bhujia, Namkeen, papad, western snacks and cookies, among others.
JM Financial Limited, Axis Capital Limited, IIFL Securities Ltd, Intensive Fiscal Services Private Limited and Kotak Mahindra Capital Company Limited are the lead managers of the IPO. Link Intime India is the registrar to the IPO.
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