Bikaji Foods IPO: GMP stable ahead of subscription opening tomorrow

According to market observers, Bikaji Foods is commanding the premium (GMP) of the stock Today in Gray Market 73. The Company’s shares are expected to be listed on the major stock exchanges BSE and NSE on Wednesday, November 16, 2022. The finalization of the basis of share allocation is expected on Friday, November 11, 2022.

Bikaji Foods IPO The public issue comprises 2.93 crore shares, which will be a pure offer for sale (OFS) by its promoters and existing shareholders. Since the IPO is purely OFS, the company will not get any proceeds from the issue. Both the promoters Shiv Ratan Agarwal and Deepak Agarwal are looking to sell 2.5 million shares of the company each. IPO is expected to come at the upper end of the price band 881 crores.

According to the draft paper, Bikaneri Bhujia was given the Geographical Identity (GI) tag in 2010, as it is a popular cottage industry of Bikaner, which provides employment to a large group of people in the region. No one other than the registered users is allowed to use the name ‘Bikaneri Bhujia’ as the generic product.

Bikaji’s is one of India’s largest fast moving consumer goods brand, selling Indian snacks and sweets internationally. Shiv Ratan Agarwal, founder of Bikaji Foods International, is the grandson of Haldiram’s founder Gangabishan Agarwal. Shiv Ratan Agarwal established the company in 1986. It was originally incorporated as Shivdeep Industries Limited. In 1993, the company’s name was changed to Bikaji Foods.

Its product range includes six major categories: Bhujia, Namkeen, Packaged Sweets, Papad, Western Snacks and other snacks which mainly include Gift Packs (Assortment), Frozen Food, Mathri Range and Cookies.

JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital are the principal managers of the offer. Link Intime India Private Limited is the registrar of the issue.