Bikaji foods IPO Analysis @ Chanakyanipothi.com, India`s Oldest & most Trusted Investment Blog. Operational since 8th December 1999, we are the Only Investment Platform in India, which has successfully completed 22 Years.

Actual listing: The scrip listed at Rs.322.80

Bikaji foods listing estimate: As compared to its solid brand; the IPO has received relatively low response. Interest cost is for small HNI comes to Rs. 6.67 per share (@8% interest). Grey market premium at present is Rs. 22. At the time of listing, the market is expected to remain strong and bullish. Due to liquidity pressure, selling quantity is expected to be high. The scrip is expected to list at Rs. 330 and there are chances that for some time, it may decline below issue price. 

Bikaji foods Grey Market News Today #
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Bikaji foods IPO Subscription Status
# On 7 November 2022 @ 5.00 pm (Last Day)
QIB        :     5824797     Shares, 80.63T
Big NII   :     2912398     Shares, 7.47T
SmallNII:     1456200      Shares, 6.34T
RII         :      10193395    Shares, 4.77T
Emp      :      250000        Shares, 4.38T
Total      :     20636790    Shares,  26.67T

Bikaji foods IPO Guidance: Click

Bikaji foods Company Details
Bikaji Foods International 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. In Fiscal 2021, it was largest manufacturer of Bikaneri bhujia with annual production of 26,690 tonnes, and it was the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2021. It is also one of the largest manufacturers of packaged rasgulla with the annual capacity of 24,000 tonnes and one of the largest manufacturers of soan papdi and gulab jamun with annual capacity of 23,040 tonnes and 12,000 tonnes respectively. It is one of the pioneers in the Indian packaged snacks industry which has given a novel twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavours to address the evolving consumer preferences in India and internationally.

Its history and lineage traces back to Mr. Gangabishan Agarwal, founder of Haldiram brand. His grandson, Mr. Shiv Ratan Agarwal, the founder and one of the Promoters, continued his legacy and developed extensive experience in the Indian ethnic snacks industry. Mr. Shiv Ratan Agarwal launched the Bikaji brand in the year 1993 with an in-depth understanding of Indian tastes and preferences. It has over the years established market leadership in the ethnic snacks market in its core states of Rajasthan, Assam and Bihar with extensive reach, and have gradually expanded its footprint across India, with operations across 22 states and three union territories as of September 30, 2021. In the six months ended September 30, 2021, it has exported its products to 35 international countries, including countries in North America, Europe, Middle East, Africa, and Asia Pacific, representing 4.60% of its sales of food products in such period. 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 30, 2021, it sold more than 250 products under the Bikaji brand. For more information, click www.wellnessforever.com

The Promoters of Bikaji foods
Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal HUF, Deepak Agarwal HUF

Bikaji foods IPO Main Objects
This is only an Offer for Sale by the Selling Shareholders.

Bikaji foods IPO Details
IPO opens on 3 November 2022
IPO closes on 7 November 2022
Issue Type: Book Built Issue IPO
Issue: up to 29,373,984 Shares /Rs 881.22 Crore
* Offer for Sale Up to 29,373,984 Sh/ Rs. 881.22 Cr

Face Value per share: Rs. 1

Bikaji foods IPO Price Band Per Equity Share: Rs. 285-300
Bikaji foods IPO Retail Lot Size 50 Shares
Bikaji foods Listing will at BSE, NSE

Shares offered to
QIB (50%) 14561992 Shares = Rs 436.86 Cr
NII (15%) 4368598 Shares = Rs 131.05 Cr
RII (35%) 10193394 Shares = Rs 305.80 Cr
Employ 250,000 Shares
Lot size: 50 Shares = 203867 Forms
How can you apply?
Retail (Min)             50 Shares  Rs. 15000
Retail (Max)          650 Shares  Rs. 195000
Small HNI (Min)   700 Shares   Rs. 210000
Big HNI (Min)     3350 Shares   Rs. 1005000

Bikaji foods IPO Tentative timetable
Anchor portion on      2 November 2022
IPO to open on           3 November 2022
IPO to close on           7 November 2022
IPO Allotment on      11 November 2022
Unblocking of ASBA 14 November 2022
Credit of shares         15 November 2022
Listing on                  16 November 2022

Bikaji foods IPO Analysis: Financial & Analytical Ratios
Earnings per Share 2019-20  Rs 2.32
Earnings per Share 2020-21, Rs 3.71
Earnings per Share 2021-22  Rs 3.15
Book Value of the Share as on 31.3.2022 Rs 32.83
Return on Net Worth: 19-20  10.65 %
Return on Net Worth: 20-21: 14.93 %
Return on Net Worth: 20-21: 9.51 %
Equity Shares prior to the IPO : 249,509,880 Shares
Equity Shares after the IPO : 249,509,880 Shares

Ratio Analysis
Upper Price Band/last EPS: 95.24
Upper offer price/Book Value Ratio 9.13
Upper offer price/BV after IPO Ratio: 9.13

Bikaji foods IPO Peer Comparison:
Bikaji Foods @ PE Multiple of 95.24
Prataap Snacks @ PE Multiple of 748.91
DFM Foods @ PE Multiple of (77.84)
Nestle India @ PE Multiple of 86.85
Britannia Industries @ PE Multiple of 59.75

Bikaji foods IPO Lead Managers 
J M Financial, Axis Capital ,IIFL financial Services,Intensive Fiscal Services,Kotak Mahindra Capital Co.
Registrar to Bikaji foods IPO
Linkintime India Pvt Ltd.

Registered Office of Bikaji foods
F 196-199, F 178 & E 188, Bichhwal Industrial Area, Bikaner 334 006 Rajasthan
Company Secretary & Compliance Officer : Divya Navani

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