Bikaji Foods shares hit upper circuit for 5th straight session, stock up 25% in 5 days

Earlier this month, the company announced the acquisition of Hanuman Agrofood Private Limited. Its board on December 6 authorized officials to take necessary steps for availing the exercise of ‘right of conversion’ of 28,13,050 Compulsorily Convertible Cumulative Preference Shares into 28,13,050 equity shares held by the Company in its name in Hanuman Agrofood Private Limited.

Meanwhile, in an investor presentation, the company said that in Q2 FY 23, its revenue was up by 31.8%, EBITDA was up by 40.6% and net profit by 43.5% over Q2 FY22. “Witnessed softening of raw material and packing material prices in Q2 over Q1 resulting in improvement of gross margin by 3.07 bps QoQ to 27.4%. EBITDA Margin was further supported by efficiency measures undertaken in all other cost heads,” it added.

In Q2 FY23, the company started servicing Canteen Stores Department with continued focus on strengthening its distribution network across India. Bikaji said that it also started Hanuman (Bikaner) and Kanpur Plants to leverage the business opportunity in line with its plans.

The initial public offering (IPO) of Bikaji Foods International was subscribed 26.67 times by Monday, November 7, 2022 the last day of subscription. The ₹881-crore IPO received bids for 55,04,00,900 shares against 2,06,36,790 shares on offer.

Bikaji Foods IPO consisted of 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders. Ahead of its issue, Bikaji Foods had mobilised ₹262 crore from anchor investors.

Bikaji Foods International Ltd is one of India’s largest fast-moving consumer goods brands with an international footprint, selling Indian snacks and sweets. Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks and other snacks which primarily includes gift packs (assortment), frozen food, mathri range and cookies.