Investors subscribe 1.39 times to Gopal Snacks’ IPO on day 2 of bidding

Gopal Snacks’ initial public offer received 1.39 times the subscription on Thursday, the second day of the bidding.

The initial share sale received bids for 1,66,83,337 shares against 1,19,79,993 shares on offer, according to NSE data.

The quota for retail retail investors (RIIs) was subscribed twice, while the non-institutional investors portion was subscribed 1.62 times and the qualified institutional buyers (QIBs) portion was subscribed 9 percent.

The initial public offering (IPO) has an offer for sale of up to Rs 650 crore. The IPO is entirely an OFS of shares by promoters and other selling shareholders.

The price band for the offer has been set at Rs 381-401 per share.

Gopal Snacks Ltd on Tuesday said it has raised Rs 194 crore from major investors.

The Rajkot-based company’s IPO will be completed on March 11.

Founded in 1999, Gopal Snacks is a fast growing consumer goods company in India offering Namkeen, Western snacks and other products across India and internationally.

As of September 2023, Namkeen makers’ products were sold in 10 states and 2 Union Territories. It has a network of 3 depots and 617 distributors.

The company operates three manufacturing facilities: Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra. In addition, it has three additional production facilities that mainly produce ‘besan’, raw snack pellets, herbs and spices. These are mainly used internally to make end products such as namkeen, gathiya and snack pellets.

Intensive Fiscal Services, Axis Capital and JM Financial are managing the offering.

The company’s shares are proposed to be listed on the BSE and NSE.

First print: March 7, 2024 | 7:34 PM IST