Bikaji Foods International IPO opens today; here’s everything you need to know

The initial public offering (IPO) for Bikaji Foods International Ltd. will open today, 3 November, and end on 7 November. The Indian snacks company has established a price range of Rs 285–300 per equity share for its Rs 881 crore IPO. The issue, which has a face value of Rs. 1 per equity, consists solely of an offer for sale (OFS) of up to 2.93 crore shares by current shareholders and promoter group companies. Investors can place a minimum bid of 50 equity shares, and may thereafter place further bids in multiples of 50. The issue’s book-running lead managers are JM Financial Ltd, Axis Capital Ltd, IIFL Securities Ltd, Intensive Fiscal Services Pvt Ltd, and Kotak Mahindra Capital Company Ltd. The company’s promoters, Shiv Ratan Agarwal and Deepak Agarwal, will each sell 25 lakh shares. In the meantime, 1.1 crore shares will be sold by IIFL Special Opportunities Fund, 1.21 crore shares by India 2020 Maharaja (PE Firm Lighthouse), and 12 lakh shares by Avendus Future Leaders Fund. The OFS includes up to 50,000 equity shares issued by Intensive Softshare Pvt Ltd as well. On 11 November, it is expected that the basis for share allotment will be finalised. On 16 November, the company’s shares are expected to begin trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). In comparison to the previous year, Bikaji’s operating revenue increased 22.90 percent to Rs 1,610.96 crore for the fiscal year 2022. Operations revenue for the quarter ended 30 June 2022, was Rs. 419.16 crore, and net profit was Rs. 15.70 crore. According to market watchers, Bikaji Foods’ IPO GMP (grey market premium) was Rs 81 on 1 November, which is impressive given that there were still two more days until the public issue opened. They claimed that the secondary market has been closing higher for the past three days, which is why the share has such a huge premium on the grey market. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.