Bikaji IPO: Snack maker files draft papers with SEBI for initial offer

Bikaji IPO: Snack maker files draft papers with SEBI for initial offer

Bikaji Food Files For Rs 1000 Crore IPO: 

Bikaji Foods International is a leading company in the category of snacks and sweets. The company has filed preliminary papers with markets regulator SEBI for an initial public offer (IPO) which’s estimated worth Rs. 1,000 crore.

The company plans to sell nearly 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders, as per its draft papers. The company will not receive any proceeds from the issue. Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal (HUF) and Deepak Agarwal (HUF) are the promoters of the company.

Bikaji was the largest manufacturer of Bikaneri bhujia with annual production of 26,690 tonnes in fiscal year of 2021 and is a leading maker of packaged sweets like packaged rasgulla, soan papdi and gulab jamun.

The company is planning to sell as many as 2,93,73,984 shares. The selling shareholders include two promoters — Ratan Agarwal and Deepak Agarwal. Both these promoters are seeking to buy up to 25 lakh company shares each.

Also Read : IPOs to launch in March 2022 – All you need to know

As per some market sources, the company is expected to raise around Rs 1,000 crore from the IPO.

Other companies that want to sell shares

Notably, some other companies will also be selling their shares. These companies are: India 2020 Maharaja, Ltd; Intensive Softshare Pvt Ltd; IIFL Special Opportunities Fund; IIFL Special Opportunities Fund – Series 2; IIFL Special Opportunities Fund – Series 3; IIFL Special Opportunities Fund – Series 4; IIFL Special Opportunities Fund – Series 5 and Avendus Future Leaders Fund I.

Bikaji  food expectations from the IPO

Bikaji is expecting that the listing will increase its visibility and improve its brand image while providing a public market for the equity shares in India.

The book running lead managers to the issue are JM Financial, Axis Capital, IIFL Securities Ltd, Intensive Fiscal Services Pvt Ltd and Kotak Mahindra Capital Company.

The company has more than 250 products such as namkeen, sweets, papad, western snacks, chips and cookies.

“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 generic product,” it said.

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