Bikaji Foods International Limited

IPO Size


Price Band


Minimum Lot Size


Face Value

`1 Per Share

Employee Discount


Retail Allocation


Issue Open Date


Issue Close Date


Listing Date


About the Company

Bikaji Foods is one of India’s largest fast-moving consumer goods (“FMCG”) brands with an international footprint, selling Indian snacks and sweets, and are among the fastest-growing companies in the Indian organized snacks market. In Fiscal 2021, Bikaji was the largest manufacturer of Bikaneri bhujia with an annual production of 26,690 tonnes and were the second-largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2021.

As per the F&S report, the firm is also one of the largest manufacturers of packaged rasgulla with an annual capacity of 24,000 tonnes and one of the largest manufacturers of soan papdi and gulab jamun with an annual capacity of 23,040 tonnes and 12,000 tonnes respectively.

over the years Bikaji Foods have established market leadership in the ethnic snacks market in the core states of Rajasthan, Assam, and Bihar with extensive reach, and has gradually expanded its footprint across India, with operations across 22 states and three union territories as of September 30, 2021.

The firm’s product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range, and cookies.

Outstanding Litigation:

S.No.  Company  Directors  Promoters
Entity Name By the Company Against the Company By the Director Against the Director By the Promoter Against the Promoter
Criminal cases 3 1 - 7 1 4
Material civil cases - 3 - - - -
Taxation matters - - - - - -
Regulatory Proceedings - 4 - - - -

Financial Statements:

Income Statement(in Milllions) Sep'21 FY21 FY20 FY19
Gross Operating Income 7,771.31 13,222.12 10,829.01 9,106.46
Cost of Employee & Inventory 441.8 698.75 646.13 549.81
Other Expenses 7,000.60 11,659.84 9,799.51 8,080.91
EBITDA 770.71 1562.28 1,029.50 1,025.55
Depreciation 179.81 331.2 341.95 227.53
Finance Cost 33.12 29.95 51.14 39.46
Profit/Loss Before Tax 557.78 1201.13 636.41 758.56
 Tax 148.48 297.77 72.70 249.27
Profit After Tax 409.3 903.36 563.71 509.29

Promoter of the Company

Shiv Ratan Agarwal, Deepak Agarwal

Peer Comparison

• Prataap Snacks limited • DFM Foods Limited • Nestle India Limited • Britannia Industries Limited

Objectives of the Issue

Offer for Sale

The IPO aims to utilize the net proceed for the following objectives; • To achieve the benefits of listing the equity shares on the stock exchanges; and • To carry out the Offer for Sale of up to 293,73,984 equity shares by the selling shareholders.

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