Gopal Snacks Rs 650-crore IPO to open on March 6 with a price band of Rs 381-401

Furthermore, it runs three ancillary manufacturing facilities that mostly produce besan, raw snack pellets, seasoning, and spices.

Gopal Snacks Ltd on Friday said it has fixed a price band of Rs 381 to Rs 401 per share for its Rs 650-crore initial public offering (IPO).

The company's maiden public issue will open for subscription during March 6-11 and the bidding for anchor investors will open for a day on March 5, Rajkot-based Gopal Snacks said.

The proposed issue is entirely an offer for sale (OFS) of equity shares by promoters and other existing shareholders.

The OFS comprises the sale of shares by Bipinbhai Vithalbhai Hadvani, Gopal Agriproducts Private Ltd and Harsh Sureshkumar Shah.

Founded in 1999, Gopal Snacks is a fast-moving consumer goods company, offering namkeen, western snacks, and other products across India and internationally.

As on September 2023, the namkeen makers' products were sold in 10 states and 2 Union Territories and has a network of 3 depots and 617 distributors.

The company operates three manufacturing facilities -- Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra. Furthermore, it runs three ancillary manufacturing facilities that mostly produce besan, raw snack pellets, seasoning, and spices. These are mainly used internally to make finished products like namkeen, gathiya, and snack pellets.

The companies' revenue from operations increased from Rs 1,128.86 crore in fiscal 2021 to Rs 1,394.65 crore in fiscal 2023 and profit grew from Rs 21.12 crore in fiscal 2021 to Rs 112.37 crore in fiscal 2023.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can place bids starting from 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 are the book-running lead managers to the IPO. The equity shares of the company are proposed to be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)