Rajkot based firm Gopal Snacks has filed preliminary documents with market regulator Securities and Exchange Board of India (SEBI) to raise Rs 650 crore through an initial public offering (IPO). According to the Draft Red Herring Prospectus (DRHP) issued on Tuesday, the issue is completely an offer-for-sale (OFS) of equity shares.
OFS includes shares by Bipinbhai Vithalbhai Hadvani up to Rs 100 crore, Gopal Agriproducts shares are worth up to Rs 540 crore, and Harsh Sureshkumar Shah’s shares are worth up to Rs 10 crore. Furthermore, the IPO includes a reservation for eligible employees to subscribe.
The income from operations for the company increased from Rs 1,128.9 crore in FY21 to Rs 1,394.7 crore in FY23. Firm’s profits also increased from Rs 21.1 crore in FY21 to Rs 112.4 crore in FY23.
The book-running lead managers for the IPO are Intensive Fiscal Services, Axis Capital, and JM Financial. Gopal Snacks intends to list its equity shares on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).
Founded in 1999, Gopal Snacks is a fast moving consumer goods (FMCG) firm that specialises in namkeen, western snacks, and a variety of other items that are supplied both locally and worldwide.
The company’s namkeen goods were available in 10 states and two Union Territories as of September 2023, with a distribution network that included three depots and 617 distributors. Gopal Snacks has three production sites in Rajkot, Modasa, as well as in Nagpur.
Furthermore, the firm manages three ancillary manufacturing plants that primarily produce besan, raw snack pellets, seasoning, and spices, in order to meet internal production demands for completed items such as namkeen, gathiya, and snack pellets.
