Rajkot-based snacks maker Gopal Snacks IPO opened for subscription on Wednesday. It close on Monday (March 11.) On Tuesday, the company announced that it has successfully raised Rs 194 crore from anchor investors. Gopal Snacks disclosed that it has allocated 48.36 lakh equity shares to 19 funds at Rs 401 each, marking the upper end of the price band set for the offering.
Participants in Anchor Round
Among the notable participants in the anchor round are esteemed entities such as BofA Securities Europe SA, Bay Capital India Fund, ITI Mutual Fund, DSP Mutual Fund, Quant Mutual Fund, Edelweiss Mutual Fund, and HDFC Life Insurance Company. The IPO, featuring a price band ranging from Rs 381 to Rs 401 per share, is scheduled to open for subscription on March 6, concluding on March 11.
Offer For Sale
This proposed initial public offering (IPO) exclusively consists of an offer for sale (OFS) of equity shares by promoters and other selling shareholders. The OFS encompasses the divestment of shares by Bipinbhai Vithalbhai Hadvani, Gopal Agriproducts Private Ltd, and Harsh Sureshkumar Shah.
Established in 1999, Gopal Snacks stands as a prominent player in the Indian fast-moving consumer goods (FMCG) landscape, specialising in namkeen, western snacks, and various other products marketed across India and abroad. As of September 2023, the company's namkeen products were distributed in 10 states and 2 UTs, facilitated by a network comprising 3 depots and 617 distributors.
Operating three manufacturing facilities situated in Rajkot and Modasa in Gujarat, as well as Nagpur in Maharashtra, Gopal Snacks also oversees three ancillary manufacturing units primarily engaged in producing besan, raw snack pellets, seasoning, and spices for internal use in manufacturing finished goods like namkeen, gathiya, and snack pellets.
Gopal Snacks Earnings
The company's revenue from operations surged from Rs 1,128.86 crore in fiscal 2021 to Rs 1,394.65 crore in fiscal 2023, while its profits escalated from Rs 21.12 crore to Rs 112.37 crore during the same period.
Half of the issue size has been earmarked for qualified institutional investors, with 35 per cent allotted for retail investors and the remaining 15 per cent designated for non-institutional investors. Interested investors can place bids commencing from a minimum of 37 equity shares, with the provision to bid in increments of 37 equity shares thereafter.
Intensive Fiscal Services, Axis Capital, and JM Financial have been appointed as the book-running lead managers to the IPO. The equity shares of Gopal Snacks Ltd are set to be listed on both the BSE and the National Stock Exchange (NSE).