Bikaji Share Price: Stock extends gains day after decent market debut, up 11% from IPO issue price

Bikaji Share Price: Shares of Bikaji Foods International Limited, NSE: BIKAJI, jumped more than 4 per cent a day after making a decent stock market debut. The counter opened at Rs 320 apiece on NSE, gaining nearly 1 per cent from previous close of Rs 317.45. The stock made an intraday high of Rs 334.70, jumping over 4 per cent intraday and 10 per cent from the IPO issue price of Rs 300. At 11 AM, the stock quoted Rs 324.60.

The buying was buoyed as investors turned optimistic on the back of a bulk deal. Global investment banking firm Goldman Sachs on Wednesday picked 17,45,354 equity shares worth over Rs 56.6 crore through an open market transaction in the company, according to data available on NSE website. The transaction executed at the weighted average price of Rs 324.5 per share.

On Wednesday, the stock listed at Rs 321.15, reflecting a gain of 7 per cent against the issue price on the BSE. The stock finally settled at Rs 317.45, higher by 5.81 per cent. At the NSE, shares of the firm debuted at Rs 322.80, climbing 7.6 per cent and ended at Rs 317.50, a gain of 5.83 per cent. The company commanded a market valuation of Rs 7,920.69 crore on the BSE.

The Rs 881.22 crore IPO of Bikaji Foods was subscribed 26.67 times. The company had fixed the IPO price band of Rs 285-300 a share.

Bikaji is the largest manufacturer of 'Bikaneri bhujia' with an annual production of 29,380 tonnes and is a leading maker of packaged 'rasgulla', 'soan papdi' and 'gulab jamun'.

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