Bikaji Foods files for IPO, plans to sell 2.93 crore shares

The company plans to sell nearly 2.93 crore shares in the public issue, which will be a pure offer for sale by its promoters and existing shareholders, as per its draft papers. The company will not receive any proceeds from the issue.

The company is promoted by Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal and Deepak Agarwal.

Some shareholders of the Rajasthan-based company, including two promoters, plan to offload around 2.94 crore shares through the Offer For Sale (OFS) route. The founders Shiv Ratan Agarwal and Deepak Agarwal will sell 25 lakh shares each. India 2020 Maharaja (PE Firm Lighthouse) will offload 1.21 crore shares, IIFL Special Opportunities Fund will sell 1.1 crore shares and Avendus Future Leaders Fund will offload 12 lakh shares.

According to the draft paper, Bikaji Foods International controls 8.7% market share in the Indian snack segment. Haldiram's is the market leader with 36.6% share.

Shiv Ratan Agarwal, founded Bikaji Foods in 1986. He is the grandson of Haldiram's founder Gangabishan Agarwal. The company was originally incorporated as Shivdeep Industries. In 1993, the company's name was changed to Bikaji Foods.

Bikaji is one of India’s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets, and are 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 30 September 2021, the company said it sold more than 250 products under the Bikaji brand.

(Courtesy: News agencies)