Bikaji Foods International Limited IPO (Bikaji Foods IPO) Detail

November 3, 2022 - November 7, 2022

Bikaji Foods IPO is a book built issue of Rs 881.22 crores. The issue is entirely an offer for sale of 2.94 crore shares.

Bikaji Foods IPO bidding started from November 3, 2022 and ended on November 7, 2022. The allotment for Bikaji Foods IPO was finalized on Friday, November 11, 2022. The shares got listed on BSE, NSE on November 16, 2022.

Bikaji Foods IPO price band is set at ₹285 to ₹300 per share. The minimum lot size for an application is 50 Shares. The minimum amount of investment required by retail investors is ₹15,000. The minimum lot size investment for sNII is 14 lots (700 shares), amounting to ₹210,000, and for bNII, it is 67 lots (3,350 shares), amounting to ₹1,005,000.

The issue includes a reservation of up to 250,000 shares for employees offered at a discount of Rs 15 to the issue price.

Jm Financial Limited, Axis Capital Limited, Iifl Securities Ltd, Intensive Fiscal Services Private Limited and Kotak Mahindra Capital Company Limited are the book running lead managers of the Bikaji Foods IPO, while Link Intime India Private Ltd is the registrar for the issue.

Refer to Bikaji Foods IPO RHP for detailed information.

Bikaji Foods IPO Details

IPO Date November 3, 2022 to November 7, 2022
Listing Date November 16, 2022
Face Value ₹1 per share
Price Band ₹285 to ₹300 per share
Lot Size 50 Shares
Total Issue Size29,373,984 shares
(aggregating up to ₹881.22 Cr)
Offer for Sale29,373,984 shares of ₹1
(aggregating up to ₹881.22 Cr)
Employee Discount Rs 15 per share
Issue Type Book Built Issue IPO
Listing At BSE, NSE

Bikaji Foods IPO Reservation

Bikaji Foods IPO a total of 20,636,790 shares are offered. QIB: 5,824,797 (28.23%), RII: 10,193,395 (49.39%), NII: 4,368,598 (21.17%).

Anchor Investor Shares Offered-
QIB Shares Offered5,824,797 (28.23%)
NII (HNI) Shares Offered4,368,598 (21.17%)
Retail Shares Offered10,193,395 (49.39%)
Employee Shares Offered250,000 (1.21%)
Total Shares Offered20,636,790 (100%)

Bikaji Foods IPO Timeline (Tentative Schedule)

Bikaji Foods IPO opens on November 3, 2022, and closes on November 7, 2022.

IPO Open Date Thursday, November 3, 2022
IPO Close Date Monday, November 7, 2022
Basis of Allotment Friday, November 11, 2022
Initiation of Refunds Monday, November 14, 2022
Credit of Shares to Demat Tuesday, November 15, 2022
Listing Date Wednesday, November 16, 2022
Cut-off time for UPI mandate confirmation 5 PM on November 7, 2022

Bikaji Foods IPO Lot Size

Investors can bid for a minimum of 50 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 50 ₹15,000
Retail (Max) 13 650 ₹195,000
S-HNI (Min) 14 700 ₹210,000
S-HNI (Max) 66 3,300 ₹990,000
B-HNI (Min) 67 3,350 ₹1,005,000
Lot Size Calculator

Bikaji Foods IPO Promoter Holding

Shiv Ratan Agarwal, Deepak Agarwal, Shiv Ratan Agarwal (HUF) and Deepak Agarwal (HUF) are the company promoters.

Share Holding Pre Issue 77.97%
Share Holding Post Issue 75.96%

About Bikaji Foods International Limited

Bikaji Foods International Limited is one of India's largest fast-moving consumer goods ("FMCG") brands. The company's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range and cookies. In the six months that ended June 30, 2022, the company sold more than 300 products under the Bikaji brand.

The company was the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes, and we were the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2022. The company has an international footprint, selling Indian snacks and sweets, and is among the fastest-growing companies in the Indian organised snacks market.

The company has over the years established market leadership in the core states of Rajasthan, Assam and Bihar with an extensive reach. It has gradually expanded its footprint across India, with operations across 23 states and three union territories as of June 30, 2022.

In the six months ended June 30, 2022, The company has exported the products to 21 international countries, including North America, Europe, the Middle East, Africa, and Asia Pacific, representing 3.20% of our sales of food products in such period.

Bikaji Foods International Limited has six operational manufacturing facilities that are operated by us, with four facilities located in Bikaner (Rajasthan), one in Guwahati (Assam), one facility in Tumakuru (Tumkur) (Karnataka) held through the subsidiary Petunt Food Processors Private Limited to cater to the southern markets in India.


  • Well-established brand with pan-India recognition.
  • Diversified product portfolio focused on various consumer segments and markets.
  • Strategically located, large-scale sophisticated manufacturing facilities with stringent quality standards.
  • Extensive pan-India and global distribution network, arrangements with reputed retail chains and growing eCommerce and exports channel.
  • Extensive distribution network in India.
  • Strategic arrangements with retail chains in India and international markets.
  • Growing e-commerce channel.
  • Significant multi-product export sales.

Company Financials

Bikaji Foods International Limited Financial Information (Restated)
Period EndedTotal AssetsTotal RevenueProfit After TaxNet WorthTotal Borrowing
Amount in ₹ Crore

Key Performance Indicator

Bikaji Foods IPO Market Cap is Rs 7485.3 Cr and P/E (x) is 119.05.

KPI Values
P/E (x)119.05
Market Cap (₹ Cr.)7485.3

Objects of the Issue (Bikaji Foods IPO Objectives)

The Selling Shareholders will be entitled to the entire proceeds of the Offer after deducting the Offer expenses and relevant taxes thereon. The Company will not receive any proceeds from the Offer.

Bikaji Foods IPO Review (May apply)

[Dilip Davda]  BFIL is one of the largest organized namkeen snacks and sweets manufacturing and marketing companies. It has posted declined margins for FY22 on higher sales in line with the general trends of the industry. Sustainability of such margins going forward amidst stiff competition raise concerns. Based on its FY23 annualized earnings, the issue is aggressively priced. Well-informed, cash surplus/risk seekers may consider parking funds in this issue. Read detail review...

Bikaji Foods IPO Subscription Status (Bidding Detail)

The Bikaji Foods IPO is subscribed 26.67 times on Nov 7, 2022 7:00:00 PM. The public issue subscribed 4.77 times in the retail category, 80.63 times in the QIB category, and 7.10 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)
    bNII (bids above ₹10L)7.47
    sNII (bids below ₹10L)6.34

Bikaji Foods IPO Prospectus

Bikaji Foods IPO Rating

Rating:Rated 4.0 stars
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Bikaji Foods IPO Listing Details

Listing Date November 16, 2022
BSE Script Code 543653
ISIN INE00E101023
Final Issue Price ₹300 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

Bikaji Foods IPO Contact Details

Bikaji Foods International Limited
F 196-199,
F 178 & E 188 Bichhwal Industrial Area,
Bikaner – 334 006
Phone: +91 151 - 2250350
Email: cs@bikaji.com
Website: https://www.bikaji.com/

Bikaji Foods IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270
Email: bikaji.ipo@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html

Bikaji Foods IPO FAQs

Bikaji Foods IPO is a main-board IPO of 29,373,984 equity shares of the face value of ₹1 aggregating up to ₹881.22 Crores. The issue is priced at ₹285 to ₹300 per share. The minimum order quantity is 50 Shares.

The IPO opens on November 3, 2022, and closes on November 7, 2022.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in Bikaji Foods IPO using UPI as a payment gateway. Zerodha customers can apply in Bikaji Foods IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Bikaji Foods IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Bikaji Foods IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The Bikaji Foods IPO opens on November 3, 2022 and closes on November 7, 2022.

Bikaji Foods IPO lot size is 50 Shares, and the minimum amount required is ₹15,000.

You can apply in Bikaji Foods IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Bikaji Foods IPO will be done on Friday, November 11, 2022, and the allotted shares will be credited to your demat account by Tuesday, November 15, 2022. Check the Bikaji Foods IPO allotment status.

The Bikaji Foods IPO listing date is on November 16, 2022.
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Bikaji Foods IPO Message Board

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396. IpoRetailer |   Link |Nov 28, 2022 7:56:19 PM (200+ Posts)
Earnings call on 6 Dec, for Un-Audited Standalone and Consolidated Financial Results for the quarter and half year ended on September 30, 2022.

The good run should continue for some more time.
396.1. Harmeet Singh Preet |   Link |Dec 8, 2022 4:11:10 PM
395. aspirant |   Link |Nov 24, 2022 6:27:56 AM
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
It is still very big puzzle for me what price it actually deserves, though it is very prominent food sector overall, but there are much more value buys already available example if we take ITC itself, it is value bet with multiple segments also with western snack business as one vertical..
Also, if bikaji so successful in equity markets, why the siblings will spare this for long, companies like Haldiram, Bikano, Bikaneer etc etc etc. will queue up in the market in coming months or years.,
In south at least, this brand or packaged ethnic snacks consumption is very very less, almost everybody prefer to walk into a conventional street corner sweet shop and get some snack which is freshly made instead of something with preservatives and nitrogen gas puffy packed.. no difference with even financial state of people in this, middle class buy from small shops, riches buy from organized big sweet shops, thats it..
Technically this segment is too general and anyone can enter (local companies) easily, Until my recent abroad trips, I never know there is a Bikano company, and until IPO, same with Bikaji...
But in South, everyone knows Haldiram, exists from many years in markets.
These are only based on my personal experience / keen observations around me, not for discouraging the Bikaji investors / any investing decision.
Disclr: I sold 4 retail lots on listing day, Happy to be proven wrong here and wishing long term investors to mint more money in coming days.
394. jasbirsingh |   Link |Nov 23, 2022 1:31:44 PM
Upper Circuit kyo lag gaya ajh isme
koi toh bata do?
394.1. Cautious ProPrio |   Link |Nov 23, 2022 3:40:57 PM
IPO Guru IPO Guru (1700+ Posts, 1000+ Likes)
Short sellers trapped badly by operators typical game
394.2. Harmeet Singh Preet |   Link |Dec 8, 2022 4:13:40 PM
393. IpoRetailer |   Link |Nov 23, 2022 1:33:36 PM (200+ Posts)
Bikaji on fire today 🔥 Sold all holdings at UC @344.75.

Any particular reason for this sudden jump?
393.1. IpoRetailer |   Link |Nov 23, 2022 2:02:34 PM (200+ Posts)
Still orders of 7.5L shares pending!!! Somebody found gold in Bikaji packets or what?? 😂
392. I kHAN |   Link |Nov 23, 2022 1:32:59 PM
What happened today?
391. Gagz |   Link |Nov 23, 2022 1:30:36 PM
UC in bikaji.
390. Noorul |   Link |Nov 19, 2022 11:58:37 AM
Sold all 2100 shares.. average price 327.
389. PSR |   Link |Nov 16, 2022 8:40:19 AM
IPO Guru IPO Guru (1200+ Posts, 700+ Likes)
Placed SELL Orders as under:

100 @ 309
100 @ 319
300 @ 329
100 @ 339
50 @ 349

Let us see where these order will end up.
389.3. CB🤗 |   Link |Nov 16, 2022 9:38:54 AM
IPO Mentor IPO Mentor (1100+ Posts, 300+ Likes)
Just put 312 stop loss. exit if hit UC
389.4. CB🤗 |   Link |Nov 18, 2022 9:51:30 AM
IPO Mentor IPO Mentor (1100+ Posts, 300+ Likes)
Stop loss hit and exited @312. Had increased stop loss to 320 but finally I was convinced at 312 which I set today..
388. Sinewave |   Link |Nov 16, 2022 5:45:22 PM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
Very poor listing. Subscription figure and demand was great in all categories compared to Medanta.

Medanta rocking and Bikaji sinking.
80x QIB demand also remain failed to generate 10% listing gain. Surprising to close below listing price.

Stay away
388.1. Liger |   Link |Nov 17, 2022 11:10:20 AM
Top Contributor Top Contributor (200+ Posts, 400+ Likes)
@Sinewave, just don't go only by the numbers.
Issue Size: Bikaji - 881 cr vs Medanta - 2200 cr
Medanta issue is 2.5 times bigger than Bikaji. If we see actual equivalent figures with factor of 2.5 then
Bikaji (QIB-80; NII-7; Retail-4.7) vs Medanta (QIB-72; NII-10; Retail-2.2)
Medanta demand was equally good as Bikaji. Only difference is Bikaji issue price was greedy at 120 PE ratio leaving not enough on the table for listing gains.
Irrespective of listing gains, both Bikaji and Medanta are good long term bets.
387. Param Patel |   Link |Nov 16, 2022 5:40:28 PM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
387.3. Param Patel |   Link |Nov 16, 2022 7:13:06 PM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
@Earthking yes if tomorrow market conditions are favourable bikaji can give 5-6% upmove due to this block deal
387.4. Param Patel |   Link |Nov 17, 2022 10:29:24 AM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
As expected it moved 5% up booked all 4 lots @ 330.5
386. Prahraju |   Link |Nov 16, 2022 2:59:10 PM
Today Deepak Agarwal MD has given interview to Zee business and said cagr will be 20% for next 1-3 years and margins will also be double digit and today delivery percentage is Aprox 50%. I have not sold shares allotted in ipo.
386.3. AmateurInvestor |   Link |Nov 16, 2022 8:42:11 PM
Just an humble opinion from a learner. It's always wise to accept market's decision. Should exit whenever one gets verdict on listing day. Going against it will always lead to regret. Better to utilise opportunity when given one (exit). Market is due for correction and it's not wise to hold an Ok listing IPO. Just a small lesson learnt in few IPOs.
386.4. IpoRetailer |   Link |Nov 23, 2022 1:55:27 PM (200+ Posts)
@AmateurInvestor, well all I can say is that you should have held the shares.
Though I had to sell today due to shortage of funds.. otherwise I would have kept them for long.
385. Sinewave |   Link |Nov 16, 2022 5:49:53 PM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
Attractive subscription figure and smaller size compared to Medanta also remain failed to generate demand for a superior listing.

Poor operator....
385.1. Sinewave |   Link |Nov 16, 2022 5:52:26 PM
IPO Mentor IPO Mentor (600+ Posts, 300+ Likes)
Closing below listing price is not good signal.
384. Dips Zala |   Link |Nov 16, 2022 3:08:35 PM
My Bikaji Ipo Money stiil hold not remove in sbi bank accout please help @Monster Zero
383. Dips Zala |   Link |Nov 16, 2022 2:56:04 PM
Share not alloted to me in Bikaji but sbi still not removed hold. Where to complaint please suggest
383.1. Monster Zero |   Link |Nov 16, 2022 3:03:33 PM
IPO Guru IPO Guru (2900+ Posts, 2500+ Likes)
Visit Sbi net banking portal...file a complaint against UPI .. explain the reason in brief.. within 48 hours funds will be unblocked
382. Innocent IPO Investor |   Link |Nov 16, 2022 2:44:34 PM
IPO Gurus @lokes @monster bhai advise for long term hold of bikaji..
382.1. Monster Zero |   Link |Nov 16, 2022 2:56:55 PM
IPO Guru IPO Guru (2900+ Posts, 2500+ Likes)
I told before listing..10-15% milega...usse jyada short term me possible nhi hai.
381. Innocent IPO Investor |   Link |Nov 16, 2022 2:43:27 PM
tepid listing as expected sold half and rest hold for the target of 350 or more.
380. PLAZA |   Link |Nov 16, 2022 2:21:41 PM
IPO Guru IPO Guru (1200+ Posts, 1000+ Likes)
soldall avg 326.5
379. svh |   Link |Nov 16, 2022 8:06:57 AM
IPO Guru IPO Guru (2000+ Posts, 3400+ Likes)
Closing can be lower than listing.
Better to exit early.
379.1. svh |   Link |Nov 16, 2022 2:10:56 PM
IPO Guru IPO Guru (2000+ Posts, 3400+ Likes)
Closing lower than listing
378. lokes |   Link |Nov 15, 2022 9:31:58 PM
IPO Guru IPO Guru (4100+ Posts, 4800+ Likes)
In my view, expected listing range is around 340 to 345 approx...
Whoever allotted, try to hold your shares and don't run for selling in preopen or after listing, try booking partial profits only instead of complete sell....
QIB subscription 80 times should definitely create good demand...FMGC sector normally carries high PE so shouldn't be much worry here of high PE....hold for some months for 380-400 targets....or book partial profit above 350 in short term...
378.6. lokes |   Link |Nov 26, 2022 1:30:33 PM
IPO Guru IPO Guru (4100+ Posts, 4800+ Likes)
@ipogainer: you are right, nothing like free its my profit money only...
@aspirant: yes you are right regarding hold for longer but as you said its good for fundamentally strong companies...
Here my target was 380-400 only in short term as mentioned which is achieved so i am selling...
Sold 50 more at 402 rs on Friday...now 150 left, will sell them too soon...
I am taking actions as per my targets, capital management, company profile and future prospects everything...
378.7. Harmeet Singh Preet |   Link |Dec 8, 2022 4:12:03 PM
377. Vultureee |   Link |Nov 16, 2022 9:39:37 AM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Sold 1 lot.exited all. Now time for archean