Bikaji Foods International's IPO to raise up to Rs 881 crore finished the first day of bidding on Thursday with an overall subscription of 67 percent. By 5 pm, the IPO of Bikaji Foods, a Rajasthan-based FMCG company, received bids for 1.4 crore shares against the 2.1 crore shares on offer, according to provisional exchange data.

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The IPO received a robust response from retail investors — the portion that got fully subscribed on the first day itself.

Bidding will continue between 10 am and 5 pm for two more trading days till November 7.

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The IPO is entirely an offer for sale (OFS) by existing shareholders — which means the snacks maker will not receive any proceeds from the issue.

Bikaji Foods shares are likely to be listed on bourses BSE and NSE on November 16.

Potential investors can bid for Bikaji Foods International shares in a price range of Rs 285-300 apiece in multiples of 50 shares under the IPO — which translates to Rs 14,250-15,000 per lot.

According to Arihant Capital, at the upper end of the price band, the IPO values Bikaji Foods at a price-to-earnings multiple of 90 times its earnings per share for the year ended March 2022.

The brokerage recommends subscribing to the IPO for the long term.

ALSO READ: Bikaji Foods plans to expand in six states to boost sales

Meanwhile, the IPOs of two other companies are open for subscription: Global Health (Medanta) and Fusion Micro Finance.

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