Bikaji Foods International Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹300
Per ShareLot Size
50 Shares
Minimum Investment
₹15,000
Issue Size
₹837.16 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
0%
QIB Quota
0%
NII Quota
0%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Bikaji Foods International Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
76.5%
Issue Type
Book Building
ISIN
INE00E101023
About the Company
Bikaji Foods International Limited is one of India's largest fast-moving consumer goods ("FMCG") brands with an international footprint, selling Indian snacks and sweets, and is 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 and other snacks which primarily includes gift packs (assortment), frozen food, mathri range and cookies. In the six months ended September 30, 2021, The company sold more than 250 products under the Bikaji brand.
Industry Overview
India's packaged food business is currently valued at Rs. 3,615 billion. It has grown significantly in last five years on account of changing lifestyles, rising incomes and urbanization. In Fiscal 2015, the packaged food retail revenue was worth Rs. 2,434 billion and has registered a CAGR of approximately 10.40% from Fiscal 2015 to Fiscal 2020. It is estimated to grow at CAGR of 11.50% in next five years to reach at Rs. 5,581 billion. Indian Savoury Snacks market is valued at Rs 728 billion in 2021 and is expected to reach Rs. 1,186 billion by 2025 at CAGR 13%.
Company History
Bikaji Foods International Limited was originally incorporated as "Shivdeep Industries Limited" as a public limited company under the Companies Act, 1956 at Bikaner, pursuant to a certificate of incorporation dated October 6, 1995 issued by the Registrar of Companies, Rajasthan at Jaipur ("RoC") and received a certificate of commencement of business from the RoC on October 27, 1995, following its conversion from the erstwhile partnership firm, "Shivdeep Food Products" to "Shivdeep Industries Limited". Subsequently, the name of the Company was changed from "Shivdeep Industries Limited" to "Bikaji Foods International Limited" pursuant to the Shareholders' resolution dated September 8, 2011 and a fresh certificate of incorporation issued by RoC recording the change in name was issued on October 5, 2011.
Products & Services
- Indian snacks and sweets
Growth Strategy
- Implement distinctive growth strategies for its core markets, focus markets and other markets
- Establish strategically located new manufacturing facilities to pursue growth in its focus and other markets
- Continue to use advanced technology to further optimise its operations
- Further strengthen its brand
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 29,373,984* equity shares of face value of Rs. 1 each ("equity shares") of Bikaji Foods International limited (The "Company" or the "Issuer") for cash at a price of Rs. 300 per equity share (including a share premium of Rs. 299 per equity share) ("Offer price") aggregating to Rs.880.85* crores (The "offer"). The offer comprises an offer for sale of 29,373,984* equity shares ("offered shares") aggregating to Rs.880.84* crores, comprising 2,500,000* equity shares aggregating to Rs.74.97* crores by Shiv Ratan Agarwal, 2,500,000* equity shares aggregating to Rs. 74.97* crores by Deepak Agarwal (Shiv Ratan Agarwal and together with Deepak Agarwal, collectively referred to as the "promoter selling shareholders"), 12,110,967* equity shares aggregating to Rs. 363.17* crores by India 2020 Maharaja Limited ("India 2020 Maharaja"), 50,000* equity shares aggregating to Rs. 1.50* crores by Intensive Softshare Private Limited ("Intensive Softshare"), 3,110,056* equity shares aggregating to Rs. 93.26* crores by IIFL Special Opportunities Fund, 1,995,552* equity shares aggregating to Rs. 59.84* crores by IIFL Special Opportunities Fund- series 2, 976,179* equity shares aggregating to Rs. 29.27* crores by IIFL Special Opportunities fund- series 3, 2,753,339* equity shares aggregating to Rs. 82.57* million by IIFL Special Opportunities Fund- series 4 and 2,162,226* equity shares aggregating to Rs. 64.84* crores by IIFL Special Opportunities Fund- series 5 (collectively, "IIFL Funds"), 1,215,665* equity shares aggregating to Rs. 36.45* crores by Avendus Future Leaders Fund I ("Avendus") (India 2020 Maharaja, Intensive Softshare, IIFL Funds and Avendus, collectively referred to as the "investor selling shareholders", (investor selling shareholders together with the promoter selling shareholders, collectively referred to as the "selling shareholders" and such offer, the "offer for sale"). The offer for sale included a reservation of 250,000* equity shares, aggregating to Rs. 7.13* crores, for subscription by eligible employees (as defined herein) constituting 0.10% of its post-offer paid-up equity share capital ("employee reservation portion"). The offer less the employee reservation portion is hereinafter referred to as the ônet offerö. Our company and the selling shareholders, in consultation with the book running lead managers, offered a discount of Rs. 15 on the offer price to eligible employees bidding in the employee reservation portion (ôemployee discountö). The offer and the net offer shall constitute 11.77% and 11.67%, respectively, of the post-offer paid-up equity share capital of our company. The face value of the equity share is Rs. 1. The offer price is 300 times the face value of the equity shares.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Well-established brand with pan-India recognition;
- Diversified product portfolio focused on various consumer segments and markets;
- Strategically located, large scale sophisticated manufacturing facilities with stringent quality standards;
- Extensive pan-India and global distribution network, arrangements with reputed retail chains and growing e-commerce and exports channel;
- Extensive distribution network in India;
- The reputation and consumer goodwill associated with its brand are critical for the success of its business. An inability to maintain or enhance the popularity of its "Bikaji" brand may adversely impact its business prospects and financial performance.
- The company is significantly dependent on the sale of its Bhujia Products. An inability to anticipate and adapt to evolving consumer tastes, preferences and demand for particular products, or ensure product quality or reduction in the demand of its Bhujia Products may adversely impact demand for its products, brand loyalty and consequently its business prospects and financial performance.
- The current and continuing impact of the COVID-19 pandemic on its business and operations, including its impact on the ability or desire of consumers to purchase its products, may have an adverse effect on its business prospects and future financial performance.
- Any slowdown or interruption to its manufacturing operations or under-utilization of its existing or future manufacturing facilities may have an adverse impact on its business and financial performance.
- Its proposed capacity expansion plans relating to its manufacturing facility and proposed contract manufacturing facilities are subject to the risk of unanticipated delays in implementation and cost overruns.