Bikaji Foods International Ltd. launched its three-day initial public offering on Thursday amid a volatile market.
The Rajasthan-based sweets and snacks maker is offering around 2.94 crore equity shares at Rs 285-300 apiece in the IPO that closes on Nov. 7.
At the upper end of the price band, the IPO is expected to fetch Rs 881.22 crore.
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Both the promoters—Shiv Ratan Agarwal and Deepak Agarwal—are looking to offload up to 25 lakh company shares each, according to the company's draft red herring prospectus.
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Promoters and promoter group hold an aggregate of 19,45,43,900 equity shares, aggregating to 77.97% of the pre-offer issued and paid-up equity share capital. Post-IPO, their shareholding is expected to be around 75.97%.
Other entities that will be selling their shares include India 2020 Maharaja Ltd., Intensive Softshare Pvt., IIFL Special Opportunities Fund, and Avendus Future Leaders Fund-I.
Since the IPO is a pure offer-for-sale, the company will not directly receive any proceeds from the issue.
The offer constitutes 11.77% of the post-offer paid-up capital.
IPO Details
Duration: Nov. 3-7.
Offer for sale: 2.94 crore shares.
Price band: Rs 285-300 per share.
Issue size: Rs 837-881 crore.
Face value: Rs 1 apiece.
Lot size: 50 shares and multiples.
Listing on: BSE and NSE.
Issue break-up: 50% for qualified institutional buyers, 35% for retail investors, and 15% for high-net-worth individuals.
Employee discount: Rs 15 per share.
Lead managers: JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services, Kotak Mahindra Capital Company.
Subscription Status: Day 1
The IPO was subscribed 0.67 times or 67% as of 5 p.m. on Nov. 3.
Institutional investors: 0.01 times.
Non-institutional investors: 0.58 times.
Retail investors: 1.1 times.
Employees: 0.52 times.
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