Private Equity

Liquidity Events

Bikaji Foods' Rs.881-Cr IPO subscribed 2.11 times

Economic Times  

The INR 881 crore initial public offering (IPO) of Bikaji Foods International received bids for 4,36,34,400 equity shares or 2.11 times compared to 2,06,36,790 equity shares offered. The quota for retail bidders was subscribed three times, whereas portions for employees were subscribed 2.07 times. HNI allocation fetched 2.28 bids and the portion for institutional investors was subscribed 44%. The issue is entirely an offer for sale (OFS) of up to 29,373,984 equity shares with a face value of Re 1 each by existing shareholders and promoter group entities. Bikaji Foods is India's third-largest ethnic snack company. The company's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, and western snacks among others. As of June 30, 2022, the company sold more than 300 products under the Bikaji brand. The company exports products to 21 international countries, including North America, Europe, the Middle East, Africa, and Asia Pacific. JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services, and Kotak Mahindra Capital Company are the bankers to the issue.

From the Venture Intelligence PE-VC Deal Database: Between Mar-2014 and Oct-2019, Bikaji had raised over USD 63 M from Axis PE, Avendus PE, IIFL VC and Lighthouse. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)