Fast-moving consumer goods (FMCG) company Bikaji Foods International, is all set to open its Rs. 881 crores initial public offering (IPO) on November 3 and close on November 7.
The price band of the Initial public offering (IPO) is set at Rs. 285-300 a share.
Reports suggest that FMCG brand has a strong presence in North and Eastern Indian markets with a wide range of ethnic snacks and namkeens. It is the market leader in the branded Bikaneri bhujia market. Lately, players such as Prataap Snacks, DFM foods, Pepsi and India Tobacco Company Limited (ITC) have forayed into ethnic namkeen and snacks market.
However, the company will not receive any funds from the IPO as it is a complete offer for sale by promoters and shareholders.
According to media reports, the Grey Market Premium (GMP) of the company’s shares are at Rs 75 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.
The promoters will be selling around 2 percent of their stake taking their post-IPO shareholding to 76 percent. Other shareholders who are selling include- India 2020 Maharaja, India Infoline Limited (IIFL) Special Opportunities Fund, Avendus Future Leaders Fund I, and Intensive Softshare.
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