Rajkot-based Gopal Snacks initial public offering (IPO) has been filled before the subscription window closes on 08 March. The IPO opened for public applications for its initial public offering (IPO) on Wednesday, 06 March with its exclusive offer-for-sale (OFS) of Rs 650 crore.
The issue has received two-fold retail subscription of 2.13 times, while the total subscription stood at 1.48 times. The firm successfully raised 193.95 crore in the anchor round on 05 March.
The firm has fixed the price band at Rs 381 to Rs 401 per equity share, the bidding will close on Monday, 11 March followed by allotment on 12 March and listing on the Bombay Stock Exchange and National Stock Exchange on 14 March.
Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter.
Intensive Fiscal Services, Axis Capital and JM Financial are Book Running Lead Managers to the Offer and Link Intime India is the Registrar to the Offer.
Since the offer is entirely as OFS, the company will therefore not receive any proceeds from the sale. All the proceeds will be received by selling shareholders, in proportion to the offered shares sold by existing shareholders as part of the offer. Notably, the pre-issue shareholding is 93.50 per cent.
The firm registered revenue of Rs 1,356 crore in FY23, compared to Rs 1,358 crore in FY22. In the first two quarters of FY24, the company has clocked revenue of Rs 677 crore. The firm’s profit after tax (PAT) increased to Rs 41 crore in FY23 compared to Rs 112 crore in FY22. Overall, revenue and PAT increased by 3.1 per cent and 170.52 per cent respectively.
Gopal Snacks is a fast moving consumer goods company offering ethnic snacks, western snacks and other products under brand ‘Gopal’. It was established as a partnership firm in 1999 and subsequently incorporated as a company in 2009.
The company offers a wide variety of savory products under the brand ‘Gopal’, including ethnic snacks such as namkeen and gathiya, western snacks such as wafers, extruder snacks and snack pellets, along with fast-moving consumer goods. As of September 30, 2023, product portfolio comprised 84 products with 276 SKUs across its various product categories with six manufacturing facilities in India.
