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FMCG firm Bikaji Foods International on Wednesday filed draft papers with the Securities and Exchange Board of India (SEBI) to seek the market regulator's approval for raising funds from the primary market through an initial public offering (IPO).According to the draft red herring prospectus (DRHP) filed with the SEBI, Bikaji Foods plans to sell nearly 2.93 crore shares in the IPO. It will be a pure offer for sale. This means the shares of existing promoters and shareholders will be available for sale.Founders Shiv Ratan Agarwal and Deepak Agarwal will sell 25 lakh shares each. India 2020 Maharaja (PE Firm Lighthouse) will offload 1.21 crore shares, IIFL Special Opportunities Fund will sell 1.1 crore shares and Avendus Future Leaders Fund will offload 12 lakh shares.Since the issue is an offer for sale, the selling shareholders will be entitled to the entire proceeds. The money raised through the IPO will not go to the company.According to the draft paper, Bikaji Foods International controls 8.7 per cent market share in the Indian snack segment. Haldiram's is the market leader with 36.6 per cent share.Founder of Bikaji Foods International Shiv Ratan Agarwal is the grandson of Haldiram's founder Gangabishan Agarwal. Shiv Ratan Agarwal founded the company in 1986. It was originally incorporated as Shivdeep Industries Ltd. In 1993, the company's name was changed to Bikaji Foods.In the draft paper, Bikaji Foods International claimed it is the largest manufacturer of Bikaneri bhujia, packaged rasgulla, soan papdi and gulab jamun with annual production of 26,690 tonnes, 24,000 tonnes, 23,040 tonnes and 12,000 tonnes respectively in the fiscal year 2020-21.During the financial year 2020-21, Bikaji Foods International was the second-largest manufacturer of handmade papads with an annual production capacity of 9,000 tonnes.JM Financial, Axis Capital, IIFL Securities, Intensive Fiscal Services and Kotak Mahindra Capital are the lead managers to the proposed IPO.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Bikaji Foods files draft papers with SEBI for IPO

FMCG firm Bikaji Foods International on Wednesday filed draft papers with the Securities and Exchange Board of India (SEBI) to seek the market regulator's approval for raising funds from the primary market through an initial public offering (IPO). ...