Bikaji Foods IPO subscription status Today: Issue subscribed 26.67 times on final day

Bikaji Foods IPO GMP Subscription Status Today: The initial public offering (IPO) of snacks and sweets maker Bikaji Foods International was subscribed 26.67 times on the final day, according to the data available on the BSE.

The Rs 881 crore offer received bids for a little over 55.04 crore (55,04,00,900) shares against the issue size of over 2.06 crore (2,06,36,790) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 80.63 times, while the portion for non institutional investors was subscribed 7.10 times and that of retail individual investors (RIIs) was subscribed 4.77 times, the data showed. Apart from them, the employees’ segment was subscribed 4.38 times.

Bikaji Foods IPO is purely an offer-for-sale (OFS) of 29,373,984 equity shares by its promoters and existing shareholders. The company will not receive any proceeds from the issue.

The 3-day IPO opened for subscription on Thursday, November 3, 2022, and concluded at 5 pm today. It has a price band of Rs 285-300 per share.

Ahead of the IPO, the snacks maker raised over Rs 262 crore (Rs 2,62,11,58,200) from 36 anchor investors.

Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and are the second fastest growing company in the Indian organised snacks market. The company claimed they were largest manufacturer of Bikaneri bhujia with annual production of 29,380 tonnes in Fiscal 2022 (FY22) and during the same period they were also the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes.

Apart from snacks, the company is also a leading maker of packaged rasgulla, soan papdi and gulab jamun.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Bikaji Foods International is expected on Friday, November 11, 2022, as per the information provided in the red herring prospectus (RHP).

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