The window for membership closes on 7 November.
New Delhi:
Bikaji Foods International’s initial public offer of Rs 881 crore has received an encouraging response from investors, as the issue was subscribed 26.67 times.
The snack company was offering shares in the price range of Rs 285-300.
The initial offer comprises over 2.9 crore shares, each of which has a face value of Re 1. It is an offer for sale by the promoters and existing shareholders. The company will not receive any income from the offer.
The window for membership closes on 7 November.
As per data available with NSE, 55,04,01,200 bids were received against 2,06,36,790 shares in the share sale offer.
The portion reserved for retail investors has been subscribed 4.77 times. Retail investors have bid for 4,86,40,050 shares as against 1,01,93,395 on offer.
Eligible institutional investors have bid for 46,96,63,900 shares against 58,24,797 on offer. In other words, this share was subscribed 80.63 times, indicating higher interest shown by financial institutions, banks and mutual funds.
The portion reserved for non-institutional investors was subscribed 7.10 times as 3,10,03,150 bids were received for the offer of 43,68,598 shares.
Bikaji Foods has reserved 2,50,000 shares for the employees. Eligible employees can avail exemption of Rs.15 per equity share. The share of employees was subscribed 4.38 per cent.
Bikaji Foods in its red herring prospectus said: “We are the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and the second fastest growing company in the Indian organized snacks market.”
Its product range includes Bhujia, Namkeen, Packaged Sweets, Papad, Western Snacks as well as other snacks which mainly include Gift Packs (Assortment), Frozen Food, Mathri Range and Cookies.
In the three months ending June 30, 2022, the company sold over 300 products under the Bikaji brand. It made a profit of Rs 76 crore on revenue of Rs 1,610 crore in the financial year 2021-22.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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