2024/03/12 12:38 pm
Gopal Snacks IPO subscribed 9 times on the final day of the offer. The initial share sale received bids for 10,81,08,746 shares against 1,19,79,993 shares on offer, as per NSE data. The quota for Qualified Institutional Buyers (QIBs) received 17.50 times the subscription, while the non-institutional investor’s part got 9.50 times the subscription and the quota for Retail Individual Investors (RIIs) received 4.01 times the subscription, as per NSE data.
Rajkot-based Gopal Snacks Ltd. is prepared to embark upon an incredible new chapter in its journey. They revealed plans for an Initial Public Offering (IPO), worth more than Rs650 crores. Gopal Snacks' plans for an IPO sparked a buzz in the city.
Gopal Snacks announced on March 6, 2020, a price range of Rs 381-401 for investors and invited financial enthusiasts. Participants interested in bidding had the opportunity to bid between March 6-11th.
The details of the initial public offering were revealed at its beginning - minimum bids started at 37 equity shares and additional bids in increments of 37. Retail investors can join the snacking revolution by investing as little as Rs 14,837. Non-institutional Investors have 14 lots (518 equity shares) at their disposal for an investment of Rs 207.718, and big non-institutional investors could invest up to 68 lots (2.516), totalling a total investment of Rs 1,008,916.
The date March 12, 2024, was set in everyone's diary as the start of allotment. DEMAT accounts would be credited on that day and listing on BSE and NSE will follow on March 14. This exciting milestone promised Gopal Snacks, with its post-IPO capital of Rs 5,000 Crores to make waves on stock exchanges around the world.
Bipinbhai Vithalbhai Hadvani, Harsh Sureshkumar Shah decided to sell shares in an outright offer for sale as part of the IPO process. They saw this as a sign of confidence in the potential of their company that would bring positive returns to investors.
Gopal Snacks is known for its production of both Western and ethnic snacks. In FY23, revenue reached 1,394.65 Crores, with a compound annual rate of 11.15 % from FY21 to FY23. Net profit grew by 130.65 % from FY21 to FY23, reaching Rs 112.4 Crores. The first half of FY24 also continued this success, growing almost 7% annually to reach Rs 55.60 crores, despite revenue from operation falling 3.3% to Rs 676.2 crores.
F&S estimates India's savory snack market to be Rs 79.600 crores (USD 79.600) in FY23. The projections are for an 11% annual compound growth rate and a total of 1,21.700 crores (USD 1.21.700).
Intensive Fiscal Services was set to be the merchant banker for this IPO, and Axis Capital & JM Financial would play a key role.
Investors eagerly awaited the listing of Gopal Snacks Ltd on the stock exchange as this story of financial growth, culinary delight, and innovation unfolded. Gopal Snacks, once known for its traditional street food sold in Rajkot, was now a pioneering company that offered investors an exciting journey into finance. The results of this adventure would last them throughout their investing careers. Gopal Snacks began its initial public offering process, promising investors a taste of success they would remember for the rest of their investing careers.