Bikaji Foods IPO to open Thursday, value band fastened at Rs 285-300/share

Manufacturer of snacks and sweets Bikaji Foods International Ltd on Monday mentioned it has fastened a value band of Rs 285-300 a share for its Rs 881-crore preliminary public providing (IPO).

The preliminary share-sale will open for public subscription on November 3 and conclude on November 7, the corporate introduced.

The IPO will probably be a pure offer-for-sale (OFS) of round 2.94 crore fairness shares by its promoters and current shareholders.

Both the promoters — Shiv Ratan Agarwal and Deepak Agarwal– want to offload as much as 25 lakh firm shares every.

Other entities that will probably be promoting 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 totally an OFS, the corporate is not going to obtain any proceeds from the difficulty.

At the higher finish of the worth band, the IPO is predicted to fetch Rs 881.22 crore.

Investors can bid for at least 50 fairness shares and in multiples of fifty fairness shares thereafter.

Bikaji is the biggest producer of Bikaneri bhujia with an annual manufacturing of 29,380 tonnes and is a number one 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’s a in style cottage trade of Bikaner, offering employment to a big group of individuals within the area. None apart from the registered customers are allowed to make use of the title of ‘Bikaneri bhujia’ as a generic product.

JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital Company are the ebook working lead managers to the difficulty.