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Bikaji Foods IPO: Snack maker files draft papers with SEBI for initial offer | Markets News

NEW DELHI: FMCG Bikaji Foods International on Wednesday filed papers with the Securities and Exchange Commission of India (SEBI) to seek the approval of a market manager for raising funds from the primary market through an initial public offering (IPO).

According to the Red Fish prospectus (DRHP) filing with SEBI, Bikaji Foods plans to sell nearly 2.93 crore shares in the IPO. It will be a clean supply for sale. This means shares of advertisers and shareholders will be available for sale.

Founders Shiv Ratan Agarwal and Deepak Agarwal will sell 25 lakh shares each. India 2020 Maharaja (PE Firm Lighthouse) will deduct 1.21 crore shares, IIFL Special Opportunities will sell 1.1 crore shares and Avendus Future Leaders Fund will raise 12 lakh shares.

As long as the matter is available for sale, the shareholders will be entitled to all the profits. Funds raised by the IPO will not go to the company.

According to the poll, Bikaji Foods International managed 8.7 per cent market share in the Indian snack segment. Haldiram’s is the market leader with 36.6 per cent.

The founder of Bikaji Foods International Shiv Ratan Agarwal is the grandson of founder Haldiram Gangabishan Agarwal. Shiv Ratan Agarwal founded the company in 1986. Originally merged as Shivdeep Industries Ltd. In 1993, the company changed its name to Bikaji Foods.

In the selection document, Bikaji Foods International says it is the largest supplier of Bikaneri bhujia, assembling rasgulla, soan papdi and gulab jamun with annual production of 26,690 tons, 24,000 tons, 23,040 tons and subsequently 12,000 tons in the year 1202. Also Read: PM Care for Children: Find Rs 10 lakh under consideration, THIS is the last day to register

During fiscal year 2020-21, Bikaji Foods International is the second largest producer of hand-made papads with an annual production capacity of 9,000 tons.JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital are the directors director to the proposed IPO. Also Read: FD Alert Investors! Mahindra Finance has launched a new deposit machine that offers higher rates than FDs

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