Producer of snacks and sweets Bikaji Meals Worldwide Ltd on Monday mentioned it has mounted a value band of Rs 285-300 a share for its Rs 881-crore preliminary public providing (IPO).
The preliminary share-sale will open for public subscription on November 3 and conclude on November 7, the corporate introduced.
The IPO might be a pure offer-for-sale (OFS) of round 2.94 crore fairness shares by its promoters and current shareholders.
Each the promoters — Shiv Ratan Agarwal and Deepak Agarwal– want to offload as much as 25 lakh firm shares every.
Different entities that might be promoting their shares are — India 2020 Maharaja Ltd; Intensive Softshare Pvt Ltd; IIFL Particular Alternatives Funds and Avendus Future Leaders Fund I.
Because the IPO is totally an OFS, the corporate won’t obtain any proceeds from the problem.
On the higher finish of the value band, the IPO is anticipated to fetch Rs 881.22 crore.
Buyers can bid for at least 50 fairness shares and in multiples of fifty fairness shares thereafter.
Bikaji is the most important producer of Bikaneri bhujia with an annual manufacturing of 29,380 tonnes and is a number one maker of packaged rasgulla, soan papdi and gulab jamun.
Going by the draft paper, Bikaneri bhujia was given the geographical identification (GI) tag in 2010, since it’s a fashionable cottage trade of Bikaner, offering employment to a big group of individuals within the area. None aside from the registered customers are allowed to make use of the title of ‘Bikaneri bhujia’ as a generic product.
JM Monetary, Axis Capital, IIFL Securities, Intensive Fiscal Companies and Kotak Mahindra Capital Firm are the e-book operating lead managers to the problem.