Bikaji IPO

Bikaji Foods IPO | Review

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Bikaji Foods International Limited has come up with an initial public offer (IPO). It will open on November 03-07, 2022 at Rs.285-300 a share. The IPO issue size is around Rs.881.22 crore. The minimum bid will be for 50 shares and in its multiples thereafter.


Bikaji Foods International Limited is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets. Also, it is the second fastest growing company in the Indian organized snacks market. It is the largest manufacturer of Bikaneri bhujia with annual production of 29,380 tonnes & second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in 2022. Moreover, the company is also the third largest player in the organized sweets market with annual capacity of 24,000 tonnes for packaged rasgulla, 23,040 tonnes for soan papdi and 12,000 tonnes for gulab jamun.

Over the years, Bikaji Foods has established market leadership in the ethnic snacks market in states of Rajasthan, Assam and Bihar with extensive reach. It has gradually expanded the company’s footprint across India, with operations across 23 states and four union territories as of June 30, 2022. Additionally, it has exported products to 21 international countries, including countries in North America, Europe, Middle East, Africa, and Asia Pacific, representing 3.20% of sales of food products.

Bikaji Foods’ 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 three months ended June 30, 2022, it sold more than 300 products under the Bikaji brand.



Shiv Ratan Agarwal – 35.37%Deepak Agarwal – 16.59%
Shiv Ratan Agarwal (HUF) – 24.53%Deepak Agarwal (HUF) – 0.01%
Sushila Devi Agarwal – 1.45% Nikita Goyal – 0.01%

Promoter Holding

Pre-Issue Shareholding – 77.97%Post-Issue Shareholding – 75.96%

Strength & Weakness

Well-established brand with pan-India recognitionSignificantly dependent on the sale of bhujia product
Diversified product portfolioDoesn’t have a formal hedging policy
Strategically located manufacturing facilitiesRely on third-party transportation providers
Extensive pan-India and global distribution networkRely on a limited number of super-stockists and direct distributors
Growing e-commerce channelBusiness is manpower intensive
Extensive distribution network in IndiaDependent on a number of key personnel
Significant multi-product export salesSubject to food safety laws, environmental laws
Consistent financial performanceOperating in a competitive market
Experienced management teamBusiness is subject to seasonality


BhujiaNamkeenPackaged Sweets
PapadWester SnacksFrozen Food


Bikaneri BhujiaTana Tan Aloo BhujiaRatlami Chatpata Sev Bhujia
Sidha Sadha BhujiaMakhan Malai BhujiaDankoli
Special Marwari SevBoondi BhujiaGol-Matol (Rasgulla)
Manbhavan (Soan Papdi)Sadabahar (Soan Papdi)Gol-M-Gol (Gulab Jamun)
RajbhogAas Paas PapadChote Chote Mini Papad
Dil Khush PapadBaat Cheet PapadChana Papad


PepsiCoITCPratap Snack
DFM FoodsLaxmi snacksBalaji Wafers

Company Financials

YearRevenue (in Crore)Profit (in Crore)

Object of Issue

1) To achieve the benefits of listing the Equity Shares on the Stock Exchanges

2) To carry out the Offer for Sale of Equity Shares by the Selling Shareholders

Bikaji Foods IPO Lot Size

Retail (Min)150Rs.15,000
Retail (Max)13650Rs.1,95,000
S-HNI (Min)14700Rs.2,10,000
B-HNI (Max)673,350Rs.10,05,000

Bikaji Foods IPO Details

IPO Opening Date November 03, 2022
IPO Closing Date November 07, 2022
Face Value Rs.1 per Equity Share
IPO Price Rs.285-300 per share
Market Lot 50 shares
Minimum Order Quantity 50 shares
Listing At NSE, BSE
No. of shares offered (OFS)2,93,73,984 shares
Issue Size Up to Rs.881.22 Crore
QIB Shares Offered 50% of the offer
Retail Shares Offered 35% of the offer 
NII/HNI Shares Offered 15% of the offer 

Bikaji Foods IPO Timetable

IPO DateNovember 03-07, 2022
Allotment DateNovember 11, 2022
Initiation of RefundsNovember 14, 2022
Credit of share to Demat a/cNovember 15, 2022
IPO Listing DateNovember 16, 2022

Allotment Status

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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