Chennai, Nov 16 Shares of Bikaji Foods International will be listed at the bourses today. The ethnic snacks company has fixed the issue price at ₹300, at the upper end of the price band of ₹285-300. The IPO was subscribed 26.67 times.
The issue received bids for 55.04 crore shares, against 2.06 crore shares on offer. The qualified institutional buyers’ category was subscribed nearly 81 times, while non-institutional investors and the retail individual investors’ quota was subscribed seven times and 4.69 times.
As the IPO is purely an offer-for-sale by the promoters and existing shareholders, Bikaji Foods will not receive any proceeds from the issue.
Ahead of the issue, the company has raised ₹262 crore from anchor investors by allotting them 87.37 lakh equity shares at ₹300 per share.
Bikaji Foods International is one of largest fast-moving consumer goods (FMCG) brands in India. The company offers a range of products, including snacks and sweets. As of June 30, 2022, it had expanded its operations to 23 states and three union territories.