Bikaji Foods International Ltd., a producer of snacks and sweets, has raised Rs 262 crore from anchor investors. Public subscriptions for the company’s initial share sale began on Thursday and will end on November 7. According to a circular posted on the BSE website on Thursday night, the company has opted to distribute 87.37 lakh equity shares to anchor investors for a total transaction value of Rs 262.11 crore. Each equity share would cost anchor investors Rs 300.
Bikaji Foods International Ltd., a producer of sweet and savory foods, raised Rs 262 crore on Thursday when it opened for public bidding. The public may now subscribe to the company’s initial share offering, which will end on November 7. The Bikaji Foods IPO became a hot issue on Twitter and one of the top internet trends.
Close observers of the company contributed memes and jokes before the company ever entered the market. The company’s well-known goods, the bhujia, and the rasgulla, were mentioned in numerous tweets.
The grey market price (GMP) for the Bikaji Foods IPO has decreased to Rs 27. Market watchers claim that shares of Bikaji Foods are still offered at a premium price of 27, but at this time, they have dropped from 70 to 27 due to Dalal Street’s recent unfavorable feelings.
The mutual fund sector received a substantial chunk of the shares set aside for anchor investors; 10 mutual funds, totaling 110.51 crores, received 42.16% of the overall anchor book size.
Bikaji is an Indian company that manufactures namkeen, snacks, and sweets. It is situated in Bikaner, Rajasthan. The company is well-known for its extensive selection of real Bikaneri bhujia, namkeen, papad, and sweets. When it comes to bhujia manufacturing, Bikaji is the best company in the world. They manufacture roughly 100 metric tons of bhujia each day in their factories.
Speaking quantitatively, Bikaji sells more than 250 tons of its goods daily. Its business has also grown internationally. Products from Bikaji are sold to more than 30 countries in Europe, the Gulf, and America.
The idea for Bikaji came from Shri Shivratan Agarwal. He created the brand in the late 1980s after deciding to carve out his own identity. But back then, it was virtually impossible to create bhujia on such a vast scale. Shivratanji was unaffected by the shortage of personnel and technological resources. Bikaji was his ideal business. He achieved his dream by working diligently and with tenacity. The term “Bikaji” was created by Shri Shivratan Agarwal.
The name is well-known among customers and easy to recall. The founder of Bikaner, RaoBika, served as the model for this company name. The term inspires reverence and awe for Rajasthan and all of India. Shri Shivratan Agarwal wanted “AsleeParampara” to be enjoyed in every home. The brand’s mission was to promote Indian culture, values, and the true taste of Bikaner to every consumer.
With an annual production of 29,380 metric tons, Bikaji is the largest producer of Bikaneri bhujia and a top producer of packaged rasgulla, soan papdi, and gulab jamun.
The tagline of the company’s campaign, “Amitji loves Bikaji,” features megastar Amitabh Bachchan.
Over the coming years, the consumption of snacks in India will rise steadily by 12% to 15%, and within that market, a company like Bikaji, which has a large number of products, strong distribution, and a concentration on the Indian savory market, has a lot of promise. Although the price seems a little expensive, the listed Indian snack companies trade at a very high price. That too is at the upper end of the pricing range.