Bikaji Foods files IPO paper with SEBI; to raise Rs 1,000 crore
Bikaji Foods files IPO paper with SEBI; to raise Rs 1,000 crore

Bikaji Foods International has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Sebi.

As per reports, the bhujia-maker is planning to raise Rs 1,000 crore

The issue is entirely an offer for sale (OFS) of up to 29,373,984 by existing shareholders and promoter group entities. The company will not receive any proceeds from the issue.

Among its shareholders are Avendus, IIFL Asset Management, Intensive Softshare, Axis Asset Management and Lighthouse Funds. However, only the first three are offloading stakes along with a few other shareholders.

The offer also includes a reservation for eligible employees.

As per the company, it is the largest producer of Bikaneri bhujia with an annual production of 26,690 tonnes, and the second-largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in FY21.

The brand recently opened Bikaji Cafe and Bikaji Funkeen brands to promote its western snack segment.

At present, it has six operating manufacturing facilities across Rajasthan, Bihar and Uttar Pradesh and has plans to establish five more.

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

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading