Rajkot-based Gopal Snacks has filed its draft preparatory papers with capital markets regulator Securities and Exchange Board of India (SEBI) to acquire ₹650 crore through initial public offering (IPO). The proposed issue is an outright offer for sale (OFS) of equity shares from promoters and other selling shareholder, according to the company’s Draft Red Herring Prospectus (DRHP).
The OFS consists of the sale of shares with a value of up to ₹100 crores from Bipinbhai Vithalbhai Hadvani, to ₹540 crore from Gopal Agriproducts Pvt Ltd, and up to ₹10 crores from Harsh Sureshkumar Shah. The offer also includes a reservation for subscription of eligible employees.
Intensive Fiscal Services, Axis Capital, and JM Financial are the book-running lead managers to the IPO. The company’s equity shares are proposed to be listed on the BSE and the NSE.
Gopal Snacks is a fast moving consumer goods (FMCG) company that was founded in 1999 and offers namkeen, western snacks, and other products across India and abroad.
As of September 2023, the namkeen makers’ products were sold in 10 states and two Union Territories and has a network of three depots and 617 distributors. The company operates three manufacturing facilities – Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra.
Gopal Snacks runs three subsidiary manufacturing facilities that mainly manufacture besan, raw snack pellets, seasoning and spices. These are mainly used internally to make prepared products like namkeen, gathiya and snack pellets.
The income of the companies from operations increased from ₹1,128.86 crore in FY21 to ₹1,394.65 crore in FY23 and profit grew from ₹21.12 crore in FY21 to ₹112.37 crore in FY23.
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Updated: 22 Nov 2023, 11:10 PM IST