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The snack maker has been capable of maintain its crunch round Rs 450 apiece within the pre-IPO market, rising about 30 per cent within the final six month. The counter kicked off to commerce out there by late September 2021 round Rs 350 per share.
Just lately, Bikaji Meals Worldwide filed for an Rs 1,000 crore IPO which is solely a suggestion on the market (OFS) of as much as 29,373,984 shares by present shareholders and promoter group entities.
Avendus, IIFL Asset Administration, Intensive Softshare are among the many key shareholders offloading their stake, together with just a few others. Being a OFS, the corporate won’t obtain any proceeds from the problem.
In keeping with the sellers, lively within the unlisted markets, the IPO is anticipated to be within the vary of Rs 300-325 and the present valuations within the casual market is sort of dear.
The scrip is buying and selling at a hefty premium within the unlisted market, in comparison with the anticipated subject value for the IPO, stated Narottam Dharawat, Fairness Strategist as Mumbai based mostly Dharawat Securities.
“After the newest hammering within the IPO markets, there have to be some cushion for the retail traders and the present pricing is just not offering it to the traders,” he added. “One must be cautious.”
Bikaji claims to be the most important producer of Bikaneri bhujia, an Indian munching snack, with an annual manufacturing of 26,690 tonnes. It’s the second-largest producer of handmade papads with an annual capability of 9,000 tonnes in FY21.
The corporate’s income from operations grew 22 per cent to Rs 1,310.75 crore for FY21 towards Rs 1,074.55 crore for fiscal 2020, primarily on account of improve in quantity and realisation of merchandise throughout all main segments.
It’s also lively within the packaged sweets segments, together with rasgulla, gulab jamun, and soan papdi. It just lately launched Bikaji Cafe and Bikaji Funkeen manufacturers to advertise western snack phase and launched a web based retail platform.
Dinesh Gupta, co-founder, UnlistedZone, a Delhi-NCR based mostly boutique agency, stated that the problem is within the buzz on account of sturdy model identification and being a family identify for a lot of. “We anticipate the euphoria to proceed.”
The corporate has respectable fundamentals and steadiness sheet however on the present ranges, the problem is totally priced in, he added. “We might not suggest shopping for lock-in shares, till one has a long run view over-the-counter.”
Its internet income grew 60 per cent to Rs 90.34 crore in monetary yr 2020-21 from Rs 56.37 crore in FY20. For the six months ending September 2021, income from operations stood at Rs 771.73 crore and internet revenue was Rs 40.93 crore.
JM Monetary, Axis Capital, IIFL Securities, Intensive Fiscal Providers Personal and Kotak Mahindra Capital Firm are the e-book working lead managers to the problem.
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