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Business News/ Markets / Ipo/  Baba Food Processing IPO: Check latest GMP, subscription status on day 3, other key details
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Baba Food Processing IPO: Check latest GMP, subscription status on day 3, other key details

Baba Food Processing India Limited IPO opens for subscription on November 3 and will close on November 7, with a price band of ₹72-76 per share.

Baba Food Processing India Limited IPO has opened for subscription on Friday, November 3 and will close on Tuesday, November 7.Premium
Baba Food Processing India Limited IPO has opened for subscription on Friday, November 3 and will close on Tuesday, November 7.

Baba Food Processing India Limited IPO has opened for subscription on Friday, November 3 and will close on Tuesday, November 7. Baba Food Processing IPO's price band is set in the range of 72 to 76. Baba Food Processing IPO lot size is that the investors can bid for a minimum of 1,600 shares and in multiples thereof.

Baba Food Processing is an enterprise that produces agricultural foods. The company, which manufactures wheat floor products, has established itself in both bulk and branded consumer food categories. A broad variety of products are produced by the company, such as Tandoori Atta, Whole Wheat Atta (wheat flour), and Semolina flour (Sooji).

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Yogesh Kumar Sahu is the company's promoter.

As per the Red Herring Prospectus (RHP), Baba Food Processing IPO's listed peer is Megastar Foods Ltd (with P/E of 30.62).

According to media reports, between the financial year ending on March 31, 2023, and March 31, 2022, Baba Food Processing India Limited saw a 94.38% increase in revenue and a 150.14% increase in profit after tax (PAT).

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Baba Food Processing IPO details

Baba Food Processing IPO, which is worth 33 crore, is completely a fresh issue of 4,342,105 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

The following goals are what the company plans to use the net proceeds from the offering for:

Investment in our fully owned subsidiary Panchakanya Foods Private Limited ("PFPL") to establish a manufacturing facility in Patna, Bihar, consisting of a highly automated roller flour mill and chakki whole wheat atta mill (henceforth referred to as the "Project"); financing the purchase of machinery for producing Roasted Gramme Flour (Sattu) and Chickpea Flour (Besan) in our current Ranchi manufacturing facility; financing the Company's working capital requirements; prepayment or repayment of all or a portion of certain outstanding unsecured borrowings obtained by the Company; and for general corporate purposes.

The Baba Food Processing IPO's book running lead manager is Horizon Management Private Limited, and the issue's registrar is Mas Services Limited. Nikunj Stock Brokers is Baba Food Processing's market maker.

Baba Food Processing India Limited IPO subscription status

Baba Food Processing IPO subscription status was 67.03 times on day 3, so far. The issue received positive response from retail investors who's portion set was subscribed 57.62 times, and a decent response from non-institutional buyers who's portion set was subscribed 84.03 times, according to data on chittorgarh.com. QIBs portion was subscribed 147.02 times.

The company has received bids for 27,54,06,400 shares against 41,08,800 shares on offer, at 15:49 IST, according to data on chittorgarh.com.

Baba Food Processing IPO subscription status was 3.05 times on day 1, and was subscribed 15.02 times on day 2. 

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Baba Food Processing IPO GMP today

Baba Food Processing IPO GMP today or grey market premium is +21. This indicates the Baba Food Processing share price was trading at a premium of 21 in the grey market on Tuesday, according to investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Baba Food Processing IPO Review

“The company is operating in a highly competitive and fragmented segment of flour business. It has posted incremental profits for the reported periods. Based on FY24 annualized earnings, the issue appears fully priced discounting all near term positives. Well-informed investors may park moderate funds for the medium to long-term rewards," said Dilip Davda, the contributing editor at Chittorgarh.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 03 Nov 2023, 04:32 PM IST
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