JSA advised JM Financial Limited, Axis Capital Limited, Intensive Fiscal Services Private Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited in relation to the initial public offering of equity shares of Bikaji Foods International Limited (“Bikaji”) (“IPO”) comprising of an offer for sale of INR 8,808.45 million, at a price of Rs. 300 per equity share. As per news reports, the IPO was oversubscribed by 26.67 times with the QIB portion being oversubscribed by 80.63 times.
Bikaji is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and are the second fastest growing company in the Indian organised snacks market. (Source: F&S Report) Bikaji’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. In the three months ended June 30, 2022, Bikaji sold more than 300 products under the Bikaji brand.
JSA Team comprised Lead Partner – Arka Mookerjee, Partner – Pracheta Bhattacharya, Senior Associate – Krupa Brahmbhatt and Associate – Varshini Puni.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.