The Rs 881-crore initial public offer of Bikaji Foods International has received an encouraging response from investors, as the issue was subscribed 26.67 times.
The snack company was offering shares in the price range of Rs 285-Rs 300.
The initial offer consists of over 2.9 crore shares of face value of Re 1 each. It is an offer for sale by promoters and existing shareholders. The company will not receive any proceeds from the offer.
The window for subscription closed on November 7.
According to the data available with the NSE, the share sale offer received 55,04,01,200 bids against 2,06,36,790 shares on offer.
The portion reserved for retail investors has been subscribed 4.77 times. Retailer investors have bid for 4,86,40,050 shares against 1,01,93,395 on offer.
Qualified institutional investors have bid for 46,96,63,900 shares as against 58,24,797 on offer. In other words, this portion was subscribed 80.63 times, which reflects the greater interest shown by financial institutions, banks and mutual funds.
The portion reserved for non-institutional investors was subscribed 7.10 times as 3,10,03,150 bids came in for 43,68,598 shares offered.
Bikaji Foods has reserved 2,50,000 shares for employees. Eligible employees can avail of a discount of Rs 15 per equity share. The employees portion was subscribed 4.38 per cent.
Bikaji Foods in the Red Herring Prospectus has said: "We are the third-largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and are the second-fastest growing company in the Indian organised snacks market."
Its product range includes bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range and cookies.
In the three months ended June 30, 2022, the company sold more than 300 products under the Bikaji brand. It earned a profit of Rs 76 crore on a revenue of Rs 1,610 crore in the financial year 2021-22.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)