The shares of the Rajasthan-based sweets and snacks company ended at a premium of 5.82% over the IPO price, while it declined 1.15% from its listing price, to end at Rs 317.45.
Bikaji Foods launched its five-day initial public offering on Nov. 3. It received a strong response, with the issue being subscribed 26.67 times.
The stock of Bikaji Foods International Ltd. listed at Rs 321.05 apiece on the BSE Ltd., a premium of 7.05% to its IPO price of Rs 300 apiece. On the National Stock Exchange of India Ltd., the stock debuted at Rs 324.60, a 8.20% premium.
The company established a track record of consistent revenue growth and profitability, even during periods impacted by the Covid-19 pandemic. It recorded an increase in sales at a CAGR of 22.25% between FY20 and FY22.
Bikaji faces intense competition in the Indian snack food market from various domestic and multinational companies in India.
Some of its key competitors include Haldiram Foods International Pvt., Bikanerwala, Prataap Snacks Ltd., Balaji Wafers Pvt., ITC Ltd., Britannia Industries Ltd., Nestle India Ltd., Pepsico India Holdings Pvt. and DFM Foods Ltd.
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