Sweet and savoury manufacturer Bikaji Foods International Ltd mobilised Rs 262 crore as it open for public bidding on Thursday. The company's initial share-sale has opened for public subscription and will conclude on November 7. The Bikaji Foods IPO became a talking point on Twitter and was among the trending topics on the internet.
Even before the company made its market debut, close watchers of the company weighed in with memes and jokes. Many tweets featured the company’s popular products: the bhujia and rasgulla.
“Ladies and gentlemen, Grab your Bikaji Rasgulla Tins or Bhujia Packets (Please don't actually do it),” Aditya Kondawar tweeted.
“Too much happy my fav Bikaji Bhujia. IPO will open tomorrow,” another user said on Wednesday.
“But people prefer Bikaji Bhujia rather their health(global),” said Twitter user Sabhya Kumari.
Bikaji Foods has decided to allocate 87.37 lakh equity shares to anchor investors at Rs 300 a piece, aggregating the transaction size to Rs 262.11 crore, according to a circular uploaded on Bombay Stock Exchange's website.
Read: Bikaji Foods International IPO: Perfect taste for long-term investment
Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged rasgulla, soan papdi and gulab jamun.
The company's advertisement features megastar Amitabh Bachchan with the tagline: "Amitji loves Bikaji".
Going by the draft paper, Bikaneri bhujia was given the geographical identification (GI) tag in 2010, since it is a popular cottage industry of Bikaner, providing employment to a large group of people in the region. None other than the registered users are allowed to use the name of 'Bikaneri bhujia' as a generic product.
Founded in 1986 by Shiv Ratan Agarwal, who traces his lineage back to Gangabishan Agarwal, the founder of the Haldiram brand, the company today claims to be the third largest ethnic snack company in India.
(With inputs from PTI)
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