New Delhi: Manufacturer of snacks and sweets Bikaji Foods International Ltd on Monday said it has fixed a price band of Rs 285-300 a share for its Rs 881-crore initial public offering (IPO).
The initial share-sale will open for public subscription on November 3 and conclude on November 7, the company announced.
The IPO will be a pure offer-for-sale (OFS) of around 2.94 crore equity shares by its promoters and existing shareholders.
Both the promoters — Shiv Ratan Agarwal and Deepak Agarwal– are looking to offload up to 25 lakh company shares each.
Other entities that will be selling their shares are — India 2020 Maharaja Ltd; Intensive Softshare Pvt Ltd; IIFL Special Opportunities Funds and Avendus Future Leaders Fund I.
Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.
At the upper end of the price band, the IPO is expected to fetch Rs 881.22 crore.
Investors can bid for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter.
Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged rasgulla, soan papdi and gulab jamun.
Going by the draft paper, Bikaneri bhujia was given the geographical identification (GI) tag in 2010, since it is a popular cottage industry of Bikaner, providing employment to a large group of people in the region. None other than the registered users are allowed to use the name of ‘Bikaneri bhujia’ as a generic product.
JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital Company are the book running lead managers to the issue.
