Bikaji Foods International
Mainboard₹881 Cr issue
+7.05%
Listing gain over issue price
Issue size
₹881 Cr
1 lot at cut-off
₹15,000
Lot size
50shares
Open
03 Nov 2022
Close
07 Nov 2022
Allotment
11 Nov 2022
Listing
16 Nov 2022
Listing performance
Issue price
₹300
Listed at
₹321.15
Listing-day close
₹317.45
Latest price
₹462.75
Close on 23 Oct 2026
Listing gain
+7.05%
Return since issue
+54.25%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 03 Nov 2022 – 07 Nov 2022
- Listing date
- 16 Nov 2022
- Face value
- ₹1 per share
- Issue price
- ₹300 per share
- Lot size
- 50 shares
- Total issue size
- ₹881 Cr
- Market cap at offer price
- ₹7,485 Cr
- Promoter holding
- 77.97% → 75.96% pre-issue → post-issue
- ISIN
- INE00E101023
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- F 196-199, F 178 & E 188 Bichhwal Industrial Area, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 87,37,194 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 50 shares per lot, in multiples, at ₹300
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹15,000 |
| Retail (max) | 13 | 650 | ₹1,95,000 |
| S-HNI (min) | 14 | 700 | ₹2,10,000 |
| S-HNI (max) | 66 | 3,300 | ₹9,90,000 |
| B-HNI (min) | 67 | 3,350 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
87,37,194
Anchor portion
₹262 Cr
at ₹300 per share
Valuation and performance
Valuation at offer price
₹300 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.15 | — |
| P/E (×) | 95.24 | — |
| Market cap | — | ₹7,485 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 9.51%
- ROCE
- 13.89%
- Debt / equity
- 0.17
- PAT margin
- 4.72%
- EBITDA margin
- 27.35%
- NAV per share
- ₹32.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bikaji Foods International
Bikaji Foods International Limited, incorporated in 1995 as 'Shivdeep Industries Limited', was converted from the erstwhile partnership firm 'Shivdeep Food Products' and renamed to 'Bikaji Foods International Limited' in 2011. The Company sells products under the Bikaji brand and generated revenue from operations of ₹16,109.61 million in Fiscal 2022. It operates seven manufacturing facilities (four in Bikaner, Rajasthan; one in Guwahati, Assam; one in Tumakuru, Karnataka through subsidiary Petunt Food Processors Private Limited; and one in Muzaffarpur, Bihar through subsidiary Vindhyawasini Sales Private Limited) and has contract manufacturing arrangements. In Fiscal 2022, bhujia contributed 34.96% of sales, namkeen 35.60%, packaged sweets 12.70%, papad 6.70%, western snacks 5.74%, and other snacks 2.52% of food product sales.
Company Analysis
from RHPBikaji Foods International Limited is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets including bhujia, namkeen, packaged sweets, papad, western snacks and other snacks.
Bikaji Foods International Limited, incorporated in 1995 as 'Shivdeep Industries Limited', was converted from the erstwhile partnership firm 'Shivdeep Food Products' and renamed to 'Bikaji Foods International Limited' in 2011. The Company sells products under the Bikaji brand and generated revenue from operations of ₹16,109.61 million in Fiscal 2022. It operates seven manufacturing facilities (four in Bikaner, Rajasthan; one in Guwahati, Assam; one in Tumakuru, Karnataka through subsidiary Petunt Food Processors Private Limited; and one in Muzaffarpur, Bihar through subsidiary Vindhyawasini Sales Private Limited) and has contract manufacturing arrangements. In Fiscal 2022, bhujia contributed 34.96% of sales, namkeen 35.60%, packaged sweets 12.70%, papad 6.70%, western snacks 5.74%, and other snacks 2.52% of food product sales.
packaged foodethnic snacksfast moving consumer goods (FMCG)
Objects of the Issue
- Not applicable - this is an Offer for Sale p.22
- The Offer comprises an Offer for Sale by Selling Shareholders; the Company will not receive any proceeds from the Offer p.74
- Achieve benefits of listing the Equity Shares on Stock Exchanges p.124
- Offer for Sale by Selling Shareholders ₹8,808.45 million p.124
- Not disclosed in this section
Issue Structure
- Total Issue
- ₹8,808.45 million
- Offer for Sale
- 29,373,984 Equity Shares aggregating to ₹8,808.45 million
- Price Band
- ₹285 per Equity Share (Floor Price) to ₹300 per Equity Share (Cap Price)
- Lot Size
- 50 Equity Shares and in multiples of 50 Equity Shares thereafter
- Face Value
- ₹1
Business Model
The Company earns revenue by manufacturing and selling packaged ethnic Indian snacks and sweets under the Bikaji brand through a distribution network of superstockists and direct distributors. In Fiscal 2022, sale of food products was ₹16,022.88 million representing 99.46% of revenue from operations of ₹16,109.61 million. The Company sells more than 300 products under the Bikaji brand across six principal categories.
Business Segments
Ethnic Indian snack product
Savory snack product
Packaged traditional Indian sweets
Thin, crispy Indian wafer/cracker product
Extruded products, pellets and chips
Gift packs (assortment), frozen food, mathri range and cookies
Manufacture and sale of bhujia and namkeen (savory snacks)
Manufacture and sale of packaged sweets
Manufacture of western snacks through contract manufacturing facilities
Ethnic Indian savoury snacks including regional namkeens
Bikaneri bhujia - a crispy snack prepared with besan and moth dal; company is largest manufacturer of Bikaneri bhujia with GI tag
Packaged traditional Indian sweets including Rasgulla, Gulab Jamun, Soan Papdi, and other milk-based and dry fruit sweets
Handmade and machine-made papads in various sizes and flavors; majority handmade for authentic taste
Western snacks, chips, and other branded products including new product innovations
Manufacture of Bikaneri bhujia, a traditional crispy snack made from dew bean (moth dal), gram flour, edible oil, salt and spices. In FY2022, the company was the largest manufacturer with 29,380 tonnes annual production.
Traditional savoury Indian snacks (other than bhujia) which are typically a mixture of moong dal, dry fruits and fried nuts. The company has 66 different varieties as of June 30, 2022.
Manufacture of more than 30 varieties of dry and wet sweets using milk, gram flour, sugar, dry fruits, mawa and paneer. Dry sweets include soan papdi, dry fruit barfi and ladoo; wet sweets include rasgulla, rajbhog and gulab jamun. The company is third largest in organised sweets market with 24,000 tonnes rasgulla, 23,040 tonnes soan papdi and 12,000 tonnes gulab jamun capacity.
Traditional Indian snack made from dried lentils (peeled black gram, green gram, chickpeas and spices). Almost all papad products are handmade; the company is second largest handmade papad manufacturer in India with 9,000 tonnes annual production capacity in FY2022.
Chips, extruded products and pellets developed to cater for changing tastes of Indians domestically and internationally. As of June 30, 2022, the company had 32 products in this category.
Gift packs (assortment), frozen food, mathri range and cookies.
Sale of snacks food and related products
Interest income, dividend income and other miscellaneous income
Manufacturing and sale of snack foods including namkeen (finished goods), traded goods, raw material, and packing material
Provision of services related to food products
Scrap sales, consultancy income, and government grants/export benefits
Ethnic bhujia, a crispy snack prepared with besan and moth dal (gram flour/dew beans) and variety of spices. In Fiscal 2022, the company was the largest manufacturer of Bikaneri bhujia with annual production of 29,380 tonnes.
Ethnic namkeen and snack items typically including namkeen, chaklis, variety of masala or fried nuts and region-specific products within India. As of June 30, 2022, the company had 66 snacks classified under the namkeen category.
The company manufactures more than 30 varieties of dry and wet sweets using ingredients such as milk, gram flour, sugar, dry fruits, mawa and paneer (cottage cheese). As of June 30, 2022, the company had 43 products classified under packaged sweets.
Papad, a traditional Indian snack made from dried lentils, including peeled black gram, green gram, chickpeas and other spices. In Fiscal 2022, the company was the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes.
Western snacks include extruded products, pellets and chips representing new variety of snacks with local taste but western look.
Other snacks primarily include gift packs (assortment), frozen food, mathri range and cookies.
SWOT Analysis
Strengths
- • Third largest ethnic snacks company in India with international footprint(p.22)
- • Market leader in family pack segment with significant revenue concentration(p.36)
- • Established brand with significant consumer goodwill since 1993(p.43)
- • Strong revenue growth trajectory(p.22)
- • Diversified product portfolio across six principal categories(p.22)
- • Significant manufacturing capacity concentration in core facility(p.46)
- • Recently installed renewable energy capability(p.46)
- • Access to government incentive schemes(p.47)
- • Production Linked Incentive Scheme approval(p.47)
- • Third largest ethnic snacks manufacturer with strong market position(p.147)
- • Largest producer of Bikaneri bhujia with GI-tagged product(p.147)
- • Second largest handmade papad manufacturer(p.148)
- • Strong revenue growth and profitability track record(p.150)
- • Market leader in family pack segment(p.148)
- • Pan-India distribution network across 23 states and 4 union territories(p.149)
- • Strong presence in core states with significant market share(p.149)
- • Celebrity brand ambassador and strong advertising investment(p.149)
- • Third-largest ethnic snacks company in India with leadership in core product categories(p.151)
- • Strong brand equity with celebrity ambassador and market leader position in family pack segment(p.154)
- • Diversified product portfolio with 300+ SKUs across six major categories(p.155)
- • Strategically located manufacturing facilities with automation and quality certifications(p.156)
- • Extensive pan-India distribution network with 2,416 touch points across 23 states(p.152)
- • Strong financial performance with consistent revenue and EBITDA growth despite COVID-19(p.153)
- • Experienced promoter family with three decades in ethnic snacks industry(p.160)
- • Experienced leadership with 30+ years in food industry(p.198)
- • Institutional investor backing and board representation(p.198)
- • Diverse board with independent directors and professional expertise(p.203)
- • Strong financial performance and profitability(p.236)
Weaknesses
- • Significant dependence on bhujia products for revenue(p.35)
- • Significant dependence on family pack SKUs (priced above ₹10)(p.36)
- • Volatile profit margins and declining ROCE(p.39)
- • Low capacity utilization rates across manufacturing facilities(p.40)
- • Material uncertainty related to going concern for subsidiary Petunt Food Processors(p.25)
- • Significant unsecured debt investments in contract manufacturers(p.41)
- • Past regulatory non-compliance and ongoing litigation(p.41)
- • Multiple food safety and quality complaints pending adjudication(p.42)
- • Heavy dependence on two major superstockists for significant revenue(p.48)
- • High proportion of raw materials and packaging costs(p.51)
- • Lack of formal commodity hedging policy(p.51)
- • High employee attrition rates in certain periods(p.53)
- • Historical fire incident at manufacturing facility(p.46)
- • Material uncertainty regarding going concern for subsidiary(p.72)
- • Lower market share in western snacks segment compared to ethnic snacks(p.144)
- • Dependence on key raw materials with exposure to price volatility(p.140)
- • Currently lower diversification in western snacks market segment(p.140)
- • Gross and EBITDA margins declining over the review period(p.159)
- • Dependence on raw materials with exposure to commodity price volatility(p.172)
- • Significant concentration of capacity utilization indicating unutilized capacity headroom(p.170)
- • High employee attrition rate at 23.13% in Fiscal 2022(p.160)
- • Declining export sales and reduced international market presence(p.159)
- • Material uncertainty regarding going concern of subsidiary Petunt Food Processors(p.228)
- • Significant investment concentration in subsidiary Hanuman Agrofood(p.223)
- • Complex group structure with related party transactions(p.217)
- • Family-controlled structure with promoter shareholding concentration(p.215)
- • Subsidiary with working capital deficit and going concern uncertainty(p.257)
- • Persistent working capital deficit in subsidiary across multiple periods(p.257)
- • Properties held in erstwhile company name creating title issues(p.259)
- • Subsidiary company with significant working capital deficit and going concern uncertainty(p.293)
- • Dependence on small number of large super-stockists for significant revenue(p.296)
- • Inability to fully pass through rising commodity costs to consumers, impacting margins(p.314)
- • Contested investments in unconvertible debentures with uncertain timing of conversion(p.292)
- • Significant litigation involving product safety and regulatory compliance matters(p.350)
- • Outstanding dues to micro and small enterprises represent material payables(p.354)
- • Dependence on renewal of government approvals and licenses with pending applications(p.357)
- • Multiple outstanding criminal complaints and litigation involving promoters and directors(p.352)
- • Litigation over land use and construction activities involving agricultural land issues(p.351)
- • Substantial financial debt with restrictive lending covenants limiting operational flexibility(p.346)
Opportunities
- • High growth potential in Indian packaged food market(p.22)
- • Rapid growth in Indian Savoury Snacks market(p.22)
- • Expansion into western snacks and new geographic markets(p.37)
- • Capacity expansion through owned and contract manufacturing facilities(p.39)
- • Brand ambassador engagement and marketing initiatives(p.43)
- • Expansion into focus markets with tailored strategies(p.57)
- • Establishing new manufacturing facilities for market penetration(p.57)
- • International market expansion(p.56)
- • Technology adoption for operational optimization(p.57)
- • High growth in organized ethnic namkeen and snacks market at 16% CAGR(p.139)
- • Rapid growth in organized packaged sweets market with 15% CAGR(p.142)
- • Expanding e-commerce and new-age channels for distribution(p.149)
- • Strategic expansion of manufacturing across multiple states(p.150)
- • Growing demand for packaged food and sweets post-COVID-19(p.141)
- • Strong growth in organized savoury snacks market at 15% CAGR(p.138)
- • Expansion of international export presence across 35 countries(p.149)
- • Rising middle-class population with increased disposable income(p.134)
- • Expansion in focus markets with high growth potential at 35.84% CAGR(p.161)
- • Western snacks category showing rapid growth at 28.02% CAGR with 8.64% contribution(p.165)
- • E-commerce channel growing rapidly at 150.37% CAGR with distribution platforms expansion(p.159)
- • Proposed capacity expansion with new manufacturing facilities in high-growth segments(p.161)
- • Growth opportunity in core markets with strong market share positions to consolidate(p.160)
- • Strategic distribution partnerships including Indian railways and army canteens(p.158)
- • Expansion through strategic investments in manufacturing capacity(p.235)
- • Growth in revenue and market presence(p.236)
- • Institutional investor participation and funding capability(p.237)
- • Expansion of contract manufacturing capacity for namkeen, western snacks and frozen products(p.299)
- • Growing organized ethnic snacks market with strong tailwinds(p.309)
- • Production Linked Incentive Scheme providing up to ₹ 2,613.89 million in incentives(p.310)
- • Strong market position and leadership in core markets with significant headroom for geographic expansion(p.308)
Threats
- • Volatility in raw material prices impacting margins(p.38)
- • Intense competition in snacks industry requiring significant marketing investment(p.43)
- • Changing consumer preferences towards healthier products(p.37)
- • Risk of product contamination and food safety issues across supply chain(p.43)
- • Regulatory changes and compliance risks in food safety laws(p.37)
- • Risk of delays and cost overruns in manufacturing facility expansion(p.40)
- • Dependence on third-party contract manufacturers for production(p.43)
- • Power and fuel supply risks affecting manufacturing(p.46)
- • Raw material price volatility and supply disruptions(p.51)
- • Transportation and logistics disruptions(p.51)
- • Freight cost increases impacting export competitiveness(p.48)
- • Intense competition from better-funded competitors(p.62)
- • Regulatory changes and compliance uncertainty(p.75)
- • Dependence on core markets with geographic concentration risk(p.55)
- • E-commerce platform competition and distributor channel shift(p.49)
- • Increasing prices of raw materials impacting margins(p.140)
- • Seasonal availability constraints for key raw materials(p.146)
- • High market concentration by established players like Haldiram and PepsiCo(p.144)
- • Intense competition from larger players with superior distribution and resources(p.144)
- • Fragmented supply chain and high distribution costs(p.146)
- • Competition from unorganized sector in ethnic snacks market(p.137)
- • Adulteration by unorganized players undermining brand credibility(p.146)
- • Intense competition from multinational and domestic players in snacks market(p.177)
- • Proposed capacity expansion subject to delays and cost overruns(p.35)
- • Commodity price volatility impacting raw material costs and margins(p.172)
- • Regulatory and compliance requirements including food safety standards and PLI scheme obligations(p.172)
- • COVID-19 pandemic impact on business operations and consumer demand(p.163)
- • Subsidiary's working capital deficit poses going concern risk(p.228)
- • Dependence on parent company support for subsidiary operations(p.228)
- • Exposure to food industry cyclicality and consumer preferences(p.241)
- • Pending tax litigation in multiple jurisdictions(p.257)
- • Volatility and unpredictability of raw material prices, particularly palm oil and pulses(p.301)
- • Ongoing legal disputes over solar power plant revenue realization with state transmission entities(p.290)
- • Business seasonality with significant concentration of sweets revenue during festive seasons(p.296)
- • Uncertainty and potential adverse impact from ongoing COVID-19 pandemic(p.302)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shiv Ratan Agarwal | Promoter / Promoter Selling Shareholder | 35.37% | — |
| Deepak Agarwal | Promoter / Promoter Selling Shareholder | 16.59% | — |
| Shiv Ratan Agarwal (HUF) | Promoter | 24.53% | — |
| Deepak Agarwal (HUF) | Promoter | 0.01% | — |
| Shiv Ratan Agarwal | Promoter | — | — |
| Deepak Agarwal | Promoter/Managing Director | — | — |
| Shiv Ratan Agarwal | Promoter | 35.37% | 34.36% |
| Shiv Ratan Agarwal (HUF) | Promoter Group | 24.53% | 24.53% |
| Deepak Agarwal | Promoter | 16.59% | 15.59% |
| Shiv Ratan Agarwal | Founder and Promoter | — | — |
| Deepak Agarwal | Promoter | — | — |
| Shiv Ratan Agarwal | Promoter | 149,445,720 equity shares (including 61,202,520 held through HUF) | — |
| Deepak Agarwal | Promoter | 41,423,340 equity shares (including 17,460 held through HUF) | — |
| Shiv Ratan Agarwal (HUF) | Promoter Group | 61,202,520 equity shares | — |
| Deepak Agarwal (HUF) | Promoter Group | 17,460 equity shares | — |
| Shiv Ratan Agarwal | Promoter | 36.37% | 35.37% |
| Shiv Ratan Agarwal (HUF) | Promoter | 25.17% | 24.53% |
| Deepak Agarwal | Promoter | 17.27% | 16.59% |
| Deepak Kumar Agarwal (HUF) | Promoter | 0.01% | 0.01% |
Leadership
Shiv Ratan Agarwal · Chairman and Whole-time Director
Divya Navani · Company Secretary and Compliance Officer
Rishabh Jain · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Bikaji Foods International IPO FAQs
What is the lot size of Bikaji Foods International IPO?
The minimum lot size of Bikaji Foods International IPO is 50 shares. One lot costs ₹15,000 at the cut-off price.
When does Bikaji Foods International IPO open and close?
Bikaji Foods International IPO opened for subscription on 03 Nov 2022 and closed on 07 Nov 2022.
What is the listing date of Bikaji Foods International IPO?
Bikaji Foods International IPO listed on 16 Nov 2022.