Mumbai, November 07, 2022 (GPN): Bikaner-Rajasthan based snack company Bikaji Foods International Limited, the third largest ethnic snacks company in India and the second fastest growing company in the Indian organised snacks market has received bids of 55,04,00,900 shares against the offered 2,06,36,790 equity shares, at a price band of ₹285-300, according to the data available on the stock exchanges. Overall the issue was subscribed 26.67 times on the last day of bidding.
The reserved portion for qualified institutional buyer portion saw a subscription of 80.63 times. Non-Institutional segment saw a response of 7.10 times. The Retail Portion saw a subscription of 4.77 times. Employee portion was subscribed 4.38 times.
The issue with a face value of Re 1 per equity share is an entirely an offer for sale (OFS) up to 29,373,984 by existing shareholders and promoter group entities.
The offer of sale comprises up to 2,500,000 equity shares by Shiv Ratan Agarwal, up to 2,500,000 equity shares by Deepak Agarwal (“The Promoter Selling Shareholders”), up to 12,110,967 equity shares by India 2020 Maharaja Limited, up to 50,000 equity shares by Intensive Softshare Private Limited, up to 3,110,056 equity shares by IIFL Special Opportunities Fund, up to 1,995,552 equity shares by IIFL Special Opportunities Fund-Series 2, up to 976,179 equity shares by IIFL Special Opportunities Fund-Series 3, up to 2,753,339 equity shares by IIFL Special Opportunities Fund-Series 4 and up to 2,162,226 equity shares by IIFL Special Opportunities Fund-Series 5 (“IIFL Funds”), up to 1,215,665 equity shares by Avendus Future Leaders Fund I (The “Investor Selling Shareholders”).
JM Financial Limited, Axis Capital Limited, IIFL Securities Limited, Intensive Fiscal Services Private Limited and Kotak Mahindra Capital Company Ltd are the book running lead managers to the issue.
Company Information
Mr. Shiv Ratan Agarwal launched the Bikaji brand in 1993 and has established market leadership and reach in the ethnic snacks market in Rajasthan, Assam, and Bihar. Bikaji has gradually expanded its footprint across India, with operations in 23 states and four union territories as of June 30, 2022 and also exporting its products to 21 international countries, including North America, Europe, the Middle East, Africa, and Asia Pacific, accounting for 3.20 percent of its food product sales.
Bikaji today stands to be the largest producer of Bikaneri bhujia with annual production of 29,380 tonnes, and the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2022 as mentioned in the F&S report quoted in its DRHP. It is also one of India’s major producers of packaged sweets, including rasgulla, gulab jamun, and soan papdi and is known to be a pioneer in developing and reinventing classic Indian snacks with a contemporary taste to meet changing customer demands in India and abroad.
Bikaji’s revenue from operations grew 22.90% to Rs. 1610.96 crore for the fiscal 2022 against Rs. 1310.75 crore for the fiscal 2021, primarily due to increase in sale of food products, and increase in volume and realisation of products, in particular, bhujia, namkeen, papad, western snacks and packaged sweets, while its net profits stood at Rs 76.03 crore in FY22. For the three months ending June 30, 2022, revenue from operations stood at Rs 419.16 crore and net profit was Rs 15.70 crore.
| BIKAJI FOODS INTERNATIONAL LIMITED
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 58,24,797 | 46,96,63,900 | 80.63 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | 31,45,21,250 | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | 7,20,65,500 | – |
| 1(c) | Mutual Funds | – | 3,05,88,800 | – |
| 1(D) | Others | – | 5,24,88,350 | – |
| 2 | Non Institutional Investors(NIIS) | 43,68,598 | 3,10,03,150 | 7.10 |
| 2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 29,12,398 | 2,17,65,750 | 7.47 |
| 2.1(a) | Corporates | – | 14,30,900 | – |
| 2.1(b) | Individuals (Other than RIIs) | – | 1,83,80,350 | – |
| 2.1(c) | Others | – | 19,54,500 | – |
| 2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 14,56,200 | 92,37,400 | 6.34 |
| 2.2(a) | Corporates | – | 65,500 | – |
| 2.2(b) | Individuals (Other than RIIs) | – | 80,78,750 | – |
| 2.2(c) | Others | – | 10,93,150 | – |
| 3 | Retail Individual Investors (RIIs) | 1,01,93,395 | 4,86,39,750 | 4.77 |
| 3(a) | Cut Off | – | 4,19,29,350 | – |
| 3(b) | Price Bids | – | 67,10,400 | – |
| 4 | Employee Reserved | 2,50,000 | 10,94,100 | 4.38 |
| 4(a) | Employee (Cut off) | – | 9,09,900 | – |
| 4(b) | Employee (Price) | – | 1,84,200 | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 2,06,36,790 | 55,04,00,900 | 26.67 | |
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