Bikaji Foods IPO - Large Play In Ethnic Snacks Industry: ICICI Direct

ICICI Direct's IPO Report

Bikaji Foods International Ltd. has a growing domestic and global presence with a well-diversified product basket of more than 300 plus products.

Namkeen is the highest selling category followed by bhujia, sweets, papad and others contributing to 35.6%, 34.9%, 12.7%, 6.7% and 10.0%, respectively, to total sales in FY22.

The company is the market leader in family pack segment and holds highest share of 60.6% among its other stock keeping units of five and 10 packs during FY22. This reflects its brand resilience, driven by taste and the brand preference.

Bikaji Foods is expanding across geographies and trying to emerge as a dominant pan-India player. Apart from its core market of Rajasthan, the company has a very strong presence in states like Bihar and Assam. It aspires to set up state of the art product manufacturing facilities across various strategic locations in the country to ensure easy product availability.

The company has developed a large pan-India distribution network. As of June 30, 2022, it had six depots, 38 super stockists, 416 direct and 1,956 indirect distributors that work with super stockists, across 23 states and four union territories in India.

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