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Gopal Snacks IPO subscribed 56% on first day of offer

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The Initial Public Offer (IPO) received bids for 66,61,628 shares against 1,19,79,993 shares on offer, as per NSE data

New Delhi: The initial public offer of Gopal Snacks was subscribed 56 per cent on the first day of bidding on Wednesday.

The Initial Public Offer (IPO) received bids for 66,61,628 shares against 1,19,79,993 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) fetched 88 per cent subscription, while the quota for non-institutional investors got subscribed 49 per cent.

The IPO has an Offer For Sale (OFS) aggregating up to Rs 650 crore. The proposed IPO is entirely an OFS of equity shares by promoters and other selling shareholders.

The IPO comes in a price range of Rs 381-401 a share.

Gopal Snacks Ltd on Tuesday said it has garnered Rs 194 crore from anchor investors.

The Rajkot-based company’s IPO would conclude on March 11.

Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally. As of September 2023, the 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. 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.

Intensive Fiscal Services, Axis Capital and JM Financial are the managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and NSE.

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