Bikaji Food IPO to open on 3 Nov: Here’s everything you need to know
Bikaji Food IPO to open on November 3 and conclude on November 7, and price band is ₹285 to ₹300 per equity share
Snacks and sweet manufacturer Bikaji Foods International Ltd is all set for its for its ₹881-crore initial public offering.
Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged rasgulla, soan papdi and gulab jamun.
According to its draft red herring prospectus (DRHP), Bikaneri bhujia was given the geographical identification (GI) tag in 2010, since it is a popular cottage industry of Bikaner, providing employment to a large group of people in the region. None other than the registered users are allowed to use the name of 'Bikaneri bhujia' as a generic product.
Things to know about the Bikaji Foods IPO:
1)The IPO will open for public subscription on November 3 and conclude on November 7.
2) The price band is ₹285 to ₹300 per equity share. At the upper end of the price band, the IPO is expected to get ₹881.22 crore.
3) The IPO is entirely an offer-for-sale (OFS) of 2.94 crore equity shares by its promoters and existing shareholders. Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.
4) Investors can bid for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter.
5) Promoters Shiv Ratan Agarwal and Deepak Agarwal are looking to offload up to 25 lakh shares.
Entities like India 2020 Maharaja Ltd; Intensive Softshare Pvt Ltd; IIFL Special Opportunities Funds and Avendus Future Leaders Fund I will also offload shares.
JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital Company are the book running lead managers to the issue.
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