Latest News | Bikaji Foods IPO Subscribed 67 Pc on Day 1 of Offer

New Delhi, Nov 3 (PTI) The initial share-sale of Bikaji Foods International was subscribed 67 per cent on the first day of offer on Thursday.

The initial public offering (IPO) of the manufacturer of snacks and sweets got bids for 1,38,43,650 shares against 2,06,36,790 shares on offer, as per details available with the NSE.

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Retail Individual Investors (RIIs) portion received 1.09 times subscription, non-institutional investors was subscribed 58 per cent and Qualified Institutional Buyers (QIBs) 1 per cent.

The IPO is a pure Offer-For-Sale (OFS) of up to 29,373,984 equity shares and has a price range of Rs 285-300 a share.

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Bikaji Foods International Ltd has mobilised Rs 262 crore from anchor investors.

The company's initial share-sale will conclude on November 7.

Since the IPO is completely an OFS, the company will not receive any proceeds from the issue. At the upper end of the price, the IPO is expected to fetch Rs 881.22 crore.

Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged 'rasgulla', 'soan papdi' and 'gulab jamun'.

Axis Capital, Intensive Fiscal Services, JM Financial, IIFL Securities and Kotak Mahindra Capital are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)