Bikaji Foods International Ltd. launched its three-day initial public offering on Thursday amid a volatile market.
The IPO was subcribed1.48 times of the second day. The bidding was led by retail investors. The IPO became fully subscribed on the second day.
The Rajasthan-based sweets and snacks maker is offering around 2.94 crore equity shares at Rs 285-300 apiece in the IPO that closes on Nov. 7.
At the upper end of the price band, the IPO is expected to fetch Rs 881.22 crore.
Both the promoters—Shiv Ratan Agarwal and Deepak Agarwal—are looking to offload up to 25 lakh company shares each, according to the company’s draft red herring prospectus.
Promoters and promoter group hold an aggregate of 19,45,43,900 equity shares, aggregating to 77.97% of the pre-offer issued and paid-up equity share capital. Post-IPO, their shareholding is expected to be around 75.97%.
Other entities that will be selling their shares include India 2020 Maharaja Ltd., Intensive Softshare Pvt., IIFL Special Opportunities Fund, and Avendus Future Leaders Fund-I.
Since the IPO is a pure offer-for-sale, the company will not directly receive any proceeds from the issue.
The offer constitutes 11.77% of the post-offer paid-up capital.