Home / Markets / Ipo /  Bikaji Foods files IPO papers with SEBI

FMCG firm Bikaji Foods International has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to to raise funds through an initial public offering (IPO).

The company plans to sell nearly 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders, as per its draft papers. The company will not receive any proceeds from the issue. Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal (HUF) and Deepak Agarwal (HUF) are the promoters of the company.

Founders Shiv Ratan Agarwal and Deepak Agarwal will sell 25 lakh shares each. India 2020 Maharaja (PE Firm Lighthouse) will offload 1.21 crore shares, IIFL Special Opportunities Fund will sell 1.1 crore shares and Avendus Future Leaders Fund will offload 12 lakh shares.

According to the draft paper, Bikaji Foods International controls 8.7 per cent market share in the Indian snack segment. Haldiram's is the market leader with 36.6 per cent share.

Founder of Bikaji Foods International Shiv Ratan Agarwal is the grandson of Haldiram's founder Gangabishan Agarwal. Shiv Ratan Agarwal founded the company in 1986. It was originally incorporated as Shivdeep Industries Ltd. In 1993, the company's name was changed to Bikaji Foods.

Bikaji is one of India’s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organised snacks market. 

Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks and other snacks which primarily includes gift packs (assortment), frozen food, mathri range and cookies. In the six months ended September 30, 2021, the company said it sold more than 250 products under the Bikaji brand.

JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital are the lead managers to the proposed IPO.

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