Nov 3, 2022
By: bhakti.makwana@timesinternet.in
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The IPO of FMCG company Bikaji Foods International opened on November 3 and will close on November 7. The price band of the IPO is ₹285-300 a share.
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The grey market premium (GMP) for the company’s shares stood at ₹75 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.
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Bikaji Foods International raised ₹262 crore from anchor investors ahead of the IPO opening. It allocated 87.37 lakh shares to 36 anchor investors at the upper price band of ₹300 per share.
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Bikaji Foods International plans to raise ₹881 crore through a complete offer for sale by promoters and existing shareholders.
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Bikaji Foods International’s products fall broadly into six categories – bhujia, namkeen, packaged sweets, papad, western snacks as well as gift packs (assortments), frozen food, mathri ( a type of biscuit) range and cookies.
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The FMCG brand has a strong presence in North and Eastern Indian markets with a wide range of ethnic snacks and namkeens. It is the market leader in the branded Bikaneri bhujia market.
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In FY22, Bikaji Foods International’s profit fell by 15.6 percent from a year ago to ₹76 crore due to raw material inflation. However, its revenue rose 23 percent to ₹1,610 crore.
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Some key competitors of the FMCG brand include Haldiram Foods International, Bikanerwala, Prataap Snacks, Balaji Wafers, ITC, Pepsico India Holdings and DFM Foods.
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The company’s shares are scheduled to be allotted on November 11.
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Bikaji Foods International will be listed on BSE and NSE on November 16.
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