Bikaji Foods International files draft papers with SEBI to raise funds via IPO

Bikaji is one of India’s largest fast-moving consumer goods (FMCG) brands with an international footprint, [Representative image]

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.

LIC IPO | PM life cover policyholders not eligible for shares at discounted prices

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.

The firm is the largest manufacturer of Bikaneri bhujia, packaged rasgulla, soan papdi and gulab jamun with annual production of 26,690 tonnes, 24,000 tonnes, 23,040 tonnes and 12,000 tonnes respectively in fiscal year 2021.The firm was the second largest manufacturer of handmade papads with an annual production capacity of 9,000 tonnes.

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.

SoftBank-backed InMobi IPO in wait and watch mode amid market rout

The company 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 has gradually expanded its footprint across India, with operations across 22 states and three union territories. In the six months ended September 30, 2021, it exported products to 35 international countries, including countries in North America, Europe, Middle East, Africa, and Asia Pacific, representing 4.60% of sales of food products in such a period.

For Fiscal year 2021, revenue from operations stood at Rs 1310.75 crore against Rs 1074.55 crore a year ago. Net profit for the year stood at Rs 90.34 crore versus Rs 56.37 crore last year. For the six month ended September 2021, revenue from operations was at Rs 771.73 crore while net profit stood at Rs 40.93 crore.