Global investment banking firm Goldman Sachs bought over Rs 56.6 crore worth of shares in newly listed Bikaji Foods International through an open market transaction ,on Wednesday, bulk deals data available on NSE showed.

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According to bulk deals data, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio picked 17,45,354 equity shares at the weighted average price of Rs 324.5 per share in Bikaji Foods.

Shares of Bikaji Foods ended the day nearly 6 per cent higher to Rs 317.45 on its market debut on Wednesday against the issue price of Rs 300 apiece at the upper end, however, 1 per cent down from its listing price.

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The company commanded a market valuation of Rs 7,920.69 crore on the BSE. In traded volume terms, 20.96 lakh shares of the firm were traded at the BSE and over 2.74 crore at the NSE during the day.

Bikaji Foods registered mute listing, however, the issue had received a good response from investors on both the institutional as well as retail side, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd said in his post-listing comment.

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The initial public offering (IPO) of Bikaji Foods International was subscribed 26.67 times last week. The Rs 881.22-crore IPO had a price range of Rs 285-300 a share.

“Nevertheless, the company's margins are on the declining side and a P/E valuation of 95.2 looks expensive. Therefore, we advise only aggressive investors should consider making a long-term commitment. Those who applied for listing gains can maintain a stop loss of Rs 310 apiece,” Gour said in his recommendation.

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'.