Partner With Us NRI

Gopal Snacks IPO subscribed 9.02 times

Published on Mar 11, 2024 17:40

The initial public offer (IPO) of Gopal Snacks received 10,80,83,438 bids for shares as against 1,19,79,993 shares on offer, according to stock exchange data at 17:30 IST on Monday (11 March 2024). The issue was subscribed 9.02 times.

The issue opened for bidding on Wednesday (6 March 2024) and it will close on Monday (11 March 2024). The price band of the IPO is fixed at Rs 381 to 401 per share. An investor can bid for a minimum of 37 equity shares and in multiples thereof.

The IPO comprises only an offer for sale, aggregating up to Rs 650 crore, by Bipinbhai Vithalbhai Hadvani, Gopal Agriproducts, and Harsh Sureshkumar Shah.

The company will not directly receive any proceeds from the offer. All the offer proceeds will be received by the selling shareholders in proportion to the offered shares sold by them.

The promoters and promoter group hold an aggregate of 11,65,05,126 equity shares, aggregating 93.50% of the pre-offer issued and paid-up equity share capital. The post-IPO shareholding for the same is expected to be around 81.49%.

Ahead of the IPO, Gopal Snacks on Tuesday, 5 March 2024 raised Rs 193.94 crore from anchor investors. The board allotted 48.36 lakh shares at Rs 401 each to 19 anchor investors.

Gopal Snacks is an FMCG company dealing in ethnic snacks, western snacks, and other products. The company offers a wide variety of savory products under its brand �Gopal�, including ethnic snacks such as namkeen and gathiya; western snacks such as wafers, extruded snacks and snack pellets; and fast-moving consumer goods including papad, spices, gram flour or besan, noodles, rusk and soan papdi.

As on 30 September 2023, the product portfolio comprised 84 products, with 276 SKUs across various product categories, thereby addressing a wide variety of tastes and preferences. The products were sold in over 523 locations in India across 10 states and two Union Territories.

The firm reported a net profit of Rs 55.57 crore and sales of Rs 676.20 crore for the six months ended on 30 September 2023.

Powered by Capital Market - Live News