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Snacks seller Bikaji Foods looking to raise Rs.1,000-Cr via IPO at $1-B valuation

Economic Times  

Bikaji Foods International, a manufacturer of ethnic savouries and sweets, is likely to file its draft red herring prospectus (DHRP) this week to raise INR 1,000 crore in an initial public offer at a valuation of around USD 1 billion. The Rajasthan-based, ready-to-eat (RTE) products maker has appointed JM Financial, IIFL Securities and Intensive as its bankers to the issue. Private equity companies such as Lighthouse Funds, IIFL, Avendus and Axis have invested in Bikaji. In 2012, Lighthouse acquired 12% in the company and partially trimmed its stake to allow IIFL to invest in Bikaji. Avendus and Axis took a 1% stake each in 2019. Bikaji has six manufacturing facilities located in Rajasthan, Assam and Karnataka to make more than 400 tonnes per day of snacks. It makes around 300 products covering a wide range of bhujia, namkeen, sweets, papad and frozen foods.