Shares of Bikaji Foods climbed 10 per cent in Thursday’s trade to take its three-day winning run to 22 per cent. The stock of ethnic snacks maker rose 10 per cent to hit new high of Rs 379.55 apiece on BSE. A total of 13.71 lakh shares changed hands on the counter against the recent average of 6.04 lakh shares.
The stock made a decent debut last week when it got listed at at Rs 322.80 on NSE, a 7.60 per cent premium over its issue price of Rs 300. Goldman Sachs Fund recently bought 17,45,354 Bikaji Foods shares at Rs 324.50 apiece.
Overall, the scrip is up 26.5 per cent over its issue price of Rs 300.
Bikaji is the third largest ethnic snacks company in India. It has four manufacturing facilities, with a total manufacturing capacity of 400 TPD, producing 300 products such as Bhujia, Namkeen, papad, Western snacks and cookies amongst others. Bhujia accounts for nearly 35 per cent of its sales.
Bikaji as a brand was launched by Shiv Ratan Agarwal in 1993. The brand has a market leadership in the ethnic snacks market in Rajasthan, Assam, and Bihar. Bikaji operated in 23 states and four union territories as of June 30. It also exports its products to 21 international countries, which account for 3.2 per cent of its total sales.
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The food market in which the company operates is normally dominated by unorganised players.
Bikaji’s IPO was purely an offer for sale (OFS) of 29,373,984 shares. Selling shareholders included Shiv Ratan Agarwal (up to 2,500,000 shares), Deepak Agarwal (up to 2,500,000 shares) India 2020 Maharaja (up to 12,110,967 shares), Intensive Softshare (up to 50,000 shares), IIFL Special Opportunities Fund (up to 3,110,056 shares), among others.