Bikaji Foods International IPO ends with strong subscription
Published on Nov 08, 2022 11:01
The initial public offer (IPO) of Bikaji Foods International received bids for 55,04,01,200 shares as against 2,06,36,790 shares on offer. The issue was subscribed 26.67 times.
The Qualified Institutional Buyers (QIBs) category was subscribed 80.63 times. The Non Institutional Investors (NIIs) category was subscribed 7.10 times. The Retail Individual Investors (RIIs) category was subscribed 4.77 times.
The issue opened for bidding on Thursday (3 November 2022) and it closed on Monday (7 November 2022). The price band of the IPO was fixed at Rs 285-300 per share.
The IPO was complete offer for sale of Rs 881.22 crore by existing shareholders. The company will not directly receive any proceeds from the offer. All the offer proceeds will be received by the selling shareholders in proportion to the offered shares sold by them.
Ahead of the IPO, Bikaji Foods International on Wednesday, 2 November 2022, raised Rs 262.11 crore from anchor investors. The board allotted 87,37,194 shares at Rs 300 each to 36 anchor investors.
Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is among the fastest growing companies in the Indian organised snacks market. The company is one of the pioneers in the Indian packaged snacks industry, which has given a twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavours to address the evolving consumer preferences in India and internationally.
The company reported a net profit of Rs 16.24 crore and net sales of Rs 419.16 crore in the three months ended on June 2022.
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