Bikaji Foods IPO subscribed 1.48 times on Day 2

Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.
  • Nusra Deputy Features Editor
IPO

The initial share-sale of Bikaji Foods International was subscribed 1.48 times on the second day of offer on Friday, according to NSE data.

The Rs 881.22 crore IPO received bids for 3,04,44,000 shares against 2,06,36,790 shares on offer.

The category meant for Retail Individual Investors (RIIs) was subscribed 2.33 times, non-institutional investors received 1.42 times subscription and Qualified Institutional Buyers (QIBs) was subscribed 3 per cent.

The Initial Public Offering (IPO) is a pure Offer-For-Sale (OFS) of up to 2,93,73,984 equity shares.

The price range for the offer is at Rs 285-300 a share.

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

Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.

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.

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