The bidding for the Gopal Snacks IPO, an entirely offer-for-sale (OFS) of 1.62 crore shares, ended on Monday, March 11, 2024. The subscription window for the ₹650-crore book-built issue opened on March 6. Now, the subscribers are eagerly waiting for the allotment of shares.
On the final day of subscription on Monday, the issue was oversubscribed 9.5 times. Subscribers bid for 10,80,83,438 shares against the 11,381,955 shares offered for subscription, according to NSE data.
In the Non-Institutional Investors’ (NIIs) category, the issue received bids for 2,41,73,210 shares against the 2,418,329 shares offered to them, resulting in a subscription of 10 times. Retail investors submitted bids for 2,38,19,379 shares against the 5,642,768 shares available, indicating an oversubscription of 4.22 times. Qualified Institutional Buyers (QIBs) purchased 5,93,89,588 shares, surpassing the 3,224,439 shares reserved for them, with a subscription rate of 18.42 times.
The Rajkot-based FMCG firm raised ₹193.94 crore in the anchor round by issuing 48,36,657 equity shares at ₹401 per share on March 5, 2024.
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Gopal Snacks IPO details:
Gopal Snacks IPO Price Band
The company set the price band for the IPO at ₹381 to ₹401 per equity share with a face value of ₹1. The floor price for the issue was 381 times the face value of the equity shares, while the cap price was 401 times the face value of the equity shares.
Gopal Snacks IPO Lot Size
The IPO’s minimum lot size is 37 equity shares. Retail investors need a minimum of ₹14,837 to bid for one lot. Small Non-Institutional Investors (sNII) have a minimum lot size of 14 lots (518 shares), requiring ₹2,07,718. Big Non-Institutional Investors (bNII) must invest in a minimum of 68 lots (2,516 shares), amounting to ₹1,008,916.
Gopal Snacks IPO Reservation
The IPO includes a reservation of not more than 50% for QIBs, not less than 15% for NIIs, and not less than 35% for retail investors. Additionally, the company has allocated up to 96,419 shares, valued at ₹3.5 crore, for eligible employees. These employees are offered a discount of ₹38 per equity share when bidding for their reserved portion.
Gopal Snacks IPO Allotment
The allotment of shares will be finalized on Tuesday, March 12. Non-allottees will receive refunds on Wednesday, March 13, while successful bidders will have shares credited to their demat accounts on March 13, 2024. Gopal Snacks shares will list on NSE and BSE on March 14, 2024.
How To Check Gopal Snacks IPO Allotment Status Online:
- Go to the registrar’s website – https://linkintime.co.in/initial_offer/public-issues.html
- Click ‘Select Company’
- Go to drop down menu and select ‘Gopal Snacks’
- Enter PAN, application number, DP / Client ID or Account number / IFSC
- Click ‘Submit’ button.
Gopal Snacks IPO Promoters and Other Details
Gopal Agriproducts, Dakshaben Bipinbhai Hadwani, and Bipinbhai Vitthalbhai Hadwani are the promoters of Gopal Snacks, holding a pre-IPO shareholding of 93.5%.
Intensive Fiscal Services, Axis Capital, and JM Financial serve as the book-running lead managers for the public issue, while Link Intime India acts as the registrar to the IPO.
About Gopal Snacks
Established in 1999, Gopal Snacks is engaged in the production of both ethnic and Western snacks, along with various other products, catering to markets in India and internationally. The company markets its diverse range of offerings under the brand name ‘Gopal,’ which includes papad, spices, gram flour, noodles, rusk, soan papdi, namkeen, gathiya, wafers, extruded snacks, and snack pellets.
As of November 2023, Gopal Snacks boasts a robust portfolio comprising 276 SKUs, encompassing 84 products across different categories, appealing to a wide range of tastes and preferences. The company has an extensive distribution network, reaching more than 523 locations across 10 states and two union territories (UTs).
In terms of financial performance, the company witnessed a remarkable 170.52% increase in its profit after tax (PAT) from March 31, 2022, to March 31, 2023, while experiencing a 3.1% growth in revenue. As of March 31, 2023, Gopal Snacks reported total borrowings amounting to Rs 106.37 crore.
