For its Rs 881 billion initial public offering, Bikaji Foods International has chosen a price range of Rs 285 to 300
The public offering solely entails the promoters and existing shareholders offering to sell more than 2.93 crore equity shares.
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Bikaji Foods International, a maker of ethnic sweets, has set the price range for its initial public offering at Rs 285-300 per share. This is one of the five initial public offerings that will be available for subscription this month.
On November 3, the offer will be made available for bidding, and it will end on November 7. On November 2, the anchor book will be accessible for a whole day.
The public offering only comprises of existing shareholders, including promoters, offering to sell more than 2.93 crore equity shares.
The company expects the public offering to bring in Rs. 881.2 crore. The selling shareholders will receive the entire amount after subtracting the issuance costs, and the corporation will not profit financially from the offer.
The remaining 2.43 crore shares will be offered by investors, including India 2020 Maharaja, IIFL Special Opportunities Fund, IIFL Special Opportunities Fund-Series 2, IIFL Special Opportunities Fund-Series 3, IIFL Special Opportunities Fund-Series 4, and IIFL Special Opportunities Fund-Series 5, as well as Avendus Future Leaders Fund I. Promoters Shiv Ratan Agarwal and Deepak Agarwal will each sell 25 lakh shares through the offer-for-sale.
Investors may place a minimum bid of 50 shares and then bid in multiples of 50 shares. Therefore, at the higher end of the pricing band, the lowest investment for retail investors will be Rs. 15,000 per lot and the maximum investment will be Rs. 1.95 lakh for 13 lots.
As of June 2022, the company has operations in 23 states and four union territories after introducing the Bikaji brand in 1993. In addition, it exported its goods to 21 other nations, including those in North America, Europe, the Middle East, Africa, and Asia Pacific. 3.20 percent of sales of its food products came from overseas.
When compared to the prior year, Bikaji Foods International's FY22 revenue increased by 23% to Rs 1,611 crore, mostly due to higher food product sales as well as higher volume and realisation rates. However, the profit for the same time decreased from Rs 90.3 crore in FY21 to Rs 76.03 crore in FY22.
Profit jumped by 26.5 percent to Rs 15.7 crore for the quarter that ended in June 2022, while revenue rose by 25.5 percent to Rs 419 crore.
The issue's book-running lead managers are JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services, and Kotak Mahindra Capital Company.
