Gopal Snacks Ltd announced on Friday that it has set a price range of Rs 381 to Rs 401 per share for its upcoming Initial Public Offering (IPO) worth Rs 650 crore. The IPO, marking the company's debut in the public market, is scheduled to be open for subscription from March 6 to March 11, with bidding for anchor investors set to commence on March 5, according to a statement from the Rajkot-based company.
Gopal Snacks revealed that the proposed issue will consist entirely of an Offer for Sale (OFS) of equity shares by its promoters and existing shareholders. The OFS will involve the sale of shares by Bipinbhai Vithalbhai Hadvani, Gopal Agriproducts Private Ltd, and Harsh Sureshkumar Shah.
Established in 1999, Gopal Snacks operates as a fast-moving consumer goods company, specialising in namkeen, western snacks, and various other products distributed across India and internationally. As of September 2023, the company's namkeen products were available in 10 states and 2 Union Territories, facilitated by a network comprising three depots and 617 distributors.
Gopal Snacks operates three manufacturing facilities located in Rajkot and Modasa, Gujarat, and Nagpur, Maharashtra. Additionally, it runs three ancillary manufacturing units primarily producing besan, raw snack pellets, seasoning, and spices for internal use in the production of finished products like namkeen, gathiya, and snack pellets.
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, with profits climbing from Rs 21.12 crore in fiscal 2021 to Rs 112.37 crore in fiscal 2023. Half of the IPO's size has been allocated for qualified institutional investors, with 35 per cent earmarked for retail investors and the remaining 15 per cent for non-institutional investors.
Investors will have the opportunity to bid for a minimum of 37 equity shares, with the option 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 for the IPO. The equity shares of Gopal Snacks Ltd are proposed to be listed on both the BSE and NSE.