Bikaji Foods Debuts at 7.5% Above IPO Price; Should you Buy, Hold or Sell?
Last Updated: November 16, 2022, 10:18 IST
Snacks company Bikaji Foods made a firm start on the bourses on November 16. The shares traded 7.6 per cent above the IPO price of Rs 300, listing at Rs 321.15 on the BSE and at Rs 322.80 on the National Stock Exchange.
The Rs 881-crore initial public offering (IPO) was subscribed 26.67 times during the November 3-7 period backed by qualified institutional buyers. QIBs subscribed more than 80 times their quota of shares and high net-worth individuals over seven times. The portions set aside for retail investors and employees were subscribed 4.77 and 4.38 times.
The company’s Rs 881-crore IPO was sold in the range of Rs 285-300 per share and received a strong investor response. It was subscribed over 26.67 times between November 3-7.
Bikaji Foods is India’s third-largest ethnic snack company. The company’s product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, and western snacks among others.
Its revenue from operations grew 23 per cent to Rs 1,610.96 crore in FY22 against Rs 1,310.75 crore a year ago. For the three months ending June 30, revenue from operations stood at Rs 419.16 crore, with a net profit of Rs 15.7 crore.
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