Bikaji Foods rises for third day; up over 25% from issue price

24 Nov 2022 , 11:17 AM

The stock has added 21.31% in three sessions, from its recent closing low of Rs 310.75 recorded on 21 November 2022. On 16 November 2022, the scrip made its debut the bourses at Rs 321.15, representing a premium of 7.05% to the initial public offer (IPO) price of Rs 300. Its current market price represents a premium of 25.38% to the issue price. The IPO of Bikaji Foods International was subscribed 26.67 times. The issue opened for bidding on 3 November 2022 and it closed on 7 November 2022. The price band of the IPO was fixed at Rs 285-300 per share. The IPO was complete offer for sale of Rs 881.22 crore by existing shareholders. The company will not directly receive any proceeds from the offer. All the offer proceeds will be received by the selling shareholders in proportion to the offered shares sold by them. Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is among the fastest growing companies in the Indian organised snacks market. The company is one of the pioneers in the Indian packaged snacks industry, which has given a twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavours to address the evolving consumer preferences in India and internationally. The company reported a net profit of Rs 16.24 crore and net sales of Rs 419.16 crore in the three months ended on June 2022. Powered by Capital Market – Live News