Bikaji Foods International Ltd. share price target

Bikaji's growth narrative continues to swiftly improve under its professional management, which has a dual focus—strengthening core operations and enhancing fundamentals through strategic M&A initiatives.

We initiate coverage of Bikaji Foods International (BIKAJI) with a “BUY” recommendation and a target price of Rs 775.

We continue to see Bikaji as a fast growing savory snacks player with strong
brand imagery and better price-pack mix. Management’s thrust on category
development efforts in the core states, and share gain strategy in focus states
is likely to support growth.

Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks

Issue Snapshot: Issue Open: Nov 03 Nov 07, 2022 Price Band: Rs. 285 300 (Discount of Rs 15 for all eligible employees) *Issue Size: 29,373,984 eq sh (Entirely offer for sale of which upto 250,000 eq sh reserved for Employee) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Re 1 Book value: Rs 33.46 (June 30, 2022) Bid size: - 50 equity shares and in multiples thereof 100% Book built Issue ipo-note-bikaji-foods-international-limited

IPO NOTE

Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the Indias leading fast-moving consumer goods (FMCG) brands. The company was the largest manufacturer of Bikaneri bhujia, and were the second largest manufacturer of handmade papad in Fiscal 2022. Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as