MUMBAI, 1 March 2024: Rajkot-based Gopal Snacks Limited announced its Initial Public Offering (IPO) details, setting the price band at  INR 381 to INR 401 per share. The offering, open 6 to 11 March 2024, aims to raise up to INR 650 crore.

Gopal Snacks, known for its "Gopal" brand snacks, is a leading Fast-Moving Consumer Goods (FMCG) company. Established in 1999, the company offers a diverse range of ethnic and western snacks along with other everyday essentials like spices, noodles, and sweets. As of September 2023, they boast a portfolio of 84 products and 276 SKUs, catering to various taste preferences across 10 states and 2 Union Territories.

Speaking on the the IPO with AgriTimes, senior official said that proceed from this will be used to repay debt. The promoters shareholding will further diluted to 80% from the current 93%. 

Commenting on the under utlization of the plant capacity, he said that this is an advantage for us to grow more in the coming months.  

The company operates 6 manufacturing facilities across India, supporting its wide distribution network of 3 depots, 617 distributors, and a dedicated sales team.

This entirely offer for sale (OFS) IPO allows existing investors to sell their shares. The offering is divided:

• Up to 50% allocated to Qualified Institutional Buyers (QIBs)
• Minimum 15% allocated to Non-Institutional Investors
• Minimum 35% allocated to Retail Individual Investors

Intensive Fiscal Services, Axis Capital, and JM Financial are the book running lead managers, while Link Intime India is the registrar. The shares are expected to list on both BSE and NSE.

With its established brand, diverse product range, and strong distribution network, Gopal Snacks is poised for a promising market debut. Investors interested in the FMCG sector may find this IPO attractive.