Bikaji Foods IPO opens on November 3. Will this be the next multi-bagger? Check company and IPO details

Here is all you need to know about Bikaji's initial public offering (IPO)

Bikaji Foods IPO

Bikaji Foods is a savory and confectionary company launching its IPO on November 3. It wants to raise Rs. 900 crores through its initial public offering. Its sales offer contains 29.37 million shares by its promoters and shareholders. The price band has been set at Rs. 285-300/equity share. 

IPO details

Launch Date: November 3

End Date: November 10 

Date of IPO Listing: November 16

Price Band: Rs. 285-300/equity share

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Shiv Ratan Agarwal founded the company in 1986. We can trace his lineage to Gangabishan Agarwal, who found the brand Haldiram. Bikaji claims to be number three in the ethnic snacks segment in India. Bikaji was Bikaneri Bhujia's largest manufacturer, with 29,389 tons of annual production in fiscal 2022. Its red herring prospectus (DRHP) mentions it and also says that Bikaji was handmade papad's second-largest manufacturer, with 9,000 tons annual production capacity. 

It was founded in Bikaner, a city famous for bhujia, a traditional snack. Shiv Ratan Agarwal founded the company in 1986 as Shivdeep Food Products. Shiv Ratan Agarwal started Bikaji in 1993 as it started UAE exports in 1994 and to Australia in 1996. 

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Bikaji's product range includes cookies, mathri, frozen food, assorted gift packs, western snacks, papad, packaged sweets, namkeen, bhujia, and other snacks. Its red herring prospectus (DRHP) says it sold over 300 products in three months up to June 30, 2022, under Bikaji. Bikaji's highest seller is namkeen, contributing 35.6% to its sales. bhujia (34.9%), sweets (12.7%), papad (6.7%), and others (10%) constitute its total sales. 

Bikaji has four manufacturing facilities in Bikaner, one in Bihar's Muzaffarpur, one in Guwahati, and one in Karnataka's Tumakuru, which it holds through Petunt Food Processors, its subsidiary. Its 38 super stockists work with 1,956 indirect and 416 direct distributors across four union territories and 23 states. Its core markets are Bihar, Assam, and Rajasthan. 

Company Financials

Its red herring prospectus (DRHP) said its operational revenue grew to Rs. 1,611 crores by 30% for the fiscal year 2022. In fiscal 2021, it was 1,311 crores. The growth was due to increased food product sales, realization, and volume. Packaged sweets, western snacks, papad, namkeen, and bhujia were the most profitable. Its net profit for FY22 was Rs. 76 crores. Operational revenue for the three months ending in June was Rs. 419.16 crores, and the net profit stood at Rs. 15.70 crores. The company says its family packs contribute to its sales majorly. SKUs above Rs. 10 accounted for 54% to 60% of its sales from 2020 to 2022. 

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Haldiram's is Bikaji's major competitor and India's leading traditional snacks and namkeen company. Bikaji's promoters and relatives own Haldiram's. Other competitors are ITC, Pepsi, DFM Foods, Prataap Snacks, Balaji Wafers, and Bikanerwala Foods. The ethnic snacks and namkeen market stands at 11,400 crores currently. Its DRHP expects a 16% growth in the next four to five years. 

Here is all the information you need to understand the company. We hope we have provided some valuable information and helped you with your decision-making. 

Bikaji Foods IPO review 


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