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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Bikaji Foods International Limited is one of India's prominent packaged food and snacks companies, manufacturing and selling a wide range of ethnic snacks and sweets under the Bikaji brand. Its portfolio spans bhujia, namkeen, packaged sweets, papad, western snacks and other items such as gift assortments, frozen food, mathri and cookies, with several hundred individual products sold as of mid 2022. Founded in 1993 by Shiv Ratan Agarwal in Bikaner, Rajasthan, the company grew into one of the country's largest makers of Bikaneri bhujia and one of the largest handmade papad manufacturers. It operates six manufacturing facilities, four in Bikaner and one each in Guwahati, Assam and Tumakuru, Karnataka (the latter through its subsidiary Petunt Food Processors Private Limited), and reaches consumers across most Indian states and union territories as well as around three dozen export markets. The company has built a wide distribution network of depots, super stockists and direct and indirect distributors that supports its pan India retail presence, and it has been positioned as one of the faster growing companies in India's organized ethnic snacks market, competing alongside larger diversified FMCG players and other branded snack makers.
The company raised about Rs 262 crore from anchor investors ahead of the issue opening, at the upper price band of Rs 300 per share. Participants included Government of Singapore, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Mutual Fund, WhiteOak Capital, BlackRock Global Funds, Goldman Sachs, Morgan Stanley, Eastspring Investments, Neuberger Berman, Max Life Insurance, Tata Mutual Fund, Carmignac Portfolio, Kotak Mutual Fund, Bay Capital and Edelweiss.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Leading position in ethnic snacks
Bikaji ranks among the largest branded ethnic snacks makers in India, with particular strength in bhujia and handmade papad, and is recognized as one of the fastest growing companies in the organized snacks category.
Wide product range
The company sells several hundred products across bhujia, namkeen, packaged sweets, papad, western snacks and other categories, reducing reliance on any single product line.
Extensive distribution reach
A pan India network of depots, super stockists and direct and indirect distributors gives the company broad access to urban and semi urban retail outlets, complemented by exports to numerous countries.
Margin pressure
Profitability came under pressure from rising input costs and financing expenses, with net profit declining in FY22 even as revenue grew, raising questions about near term margin sustainability.
Entirely an offer for sale
Since the issue consisted wholly of a sale of existing shares, the company itself received no proceeds from the offering, so the funds raised did not support business expansion.
Premium valuation
The issue was priced at a high earnings multiple relative to historical profitability, which some analysts flagged as demanding compared to established packaged food peers.
Bikaji Foods International Limited
MUFG Intime India Private Limited
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