Bikaji packaged food files draft papers with SEBI to raise funds via IPO

Bikaji Foods International Ltd has filed a draft papers with Securities Exchange Board of India (SEBI) to raise funds via initial public offering.

The Initial public offering (IPO) consists of a pure offer for sale of upto 29.37 million shares by its existing promoters and shareholders.

The OFS comprises of upto 2.5 million shares each by Shiv Ratan Agarwal and Deepak Agarwal. upto 12.11 million shares by India 2020 Maharaja Ltd, 3.11 million shares by IIFL Special Opportunities Fund, upto 2 million shares by IILF Special Opportunities FUnd Series 2, upto 0.97 million shares by IIFL Special Opportunities Fund Series 3, upto 2.75 million shares by IIFL Special Opportunities Fund Series 4, upto 2.16 million shares by IIFL Special Opportunities Fund Series 5 and upto 1.22 million shares by Avendus Future Leaders Fund I.

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

Bikaji is one of India's largest fast-moving consumer goods (FMCG) brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organised snacks market.

Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily includes gift packs (assortment), frozen food, mathri range and cookies.

In the six months ended September 2021, it sold more than 250 products under the Bikaji brand As of the date, it have five depots, 43 super stockists, 438 direct and 1,644 indirect distributors that work with its super stockists, located across 22 states and three union territories in India.

The firm has six operational manufacturing facilities, with four facilities located in Bikaner (Rajasthan), one in Guwahati (Assam), one facility in Tumakuru (Tumkur) (Karnataka) held through its subsidiary Petunt Food Processors Private Limited to cater to the southern markets in India.

Tags: IPO, Sebi, Food, Snacks, Rajasthan, Bikaji