Shares of Bikaji Foods climbed 10 per cent in Thursday’s trade to end the three-day winning streak at 22 per cent. The stock of the ethnic snacks maker rose 10 per cent to hit a new high of Rs 379.55 on the 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 start last week when it got listed on the NSE at Rs 322.80, a 7.60 per cent premium over its issue price of Rs 300. Goldman Sachs Fund recently bought 17,45,354 shares of Bikaji Foods at Rs 324.50 per share.
Overall, the stock is up 26.5 per cent from its issue price of Rs 300.
Bikaji is India’s third largest ethnic snacks company. 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. Bhujia accounts for about 35 per cent of the sales.
Bikaji as a brand was launched in 1993 by Shiv Ratan Agarwal. The brand has market leadership in the ethnic snacks market in Rajasthan, Assam and Bihar. Bikaji worked in 23 states and four union territories till June 30. It also exports its products to 21 international countries, which accounts for 3.2 percent of its total sales.
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The food market in which the company operates is generally dominated by unorganized players.
Bikaji’s IPO was purely an offer for sale (OFS) of 29,373,984 shares. The selling shareholders include Shiv Ratan Agarwal (up to 2,500,000 shares), Deepak Agarwal (up to 2,500,000 shares), India 2020 Maharajas (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.