Gopal Snacks Ltd, a savory snacks manufacturer, has revealed the price band of Rs 381-401 per share for its upcoming Rs 650-crore initial public offering (IPO), scheduled to commence on March 6. The anchor book will open on March 5, with the IPO closing on March 11.
Allotment of shares is slated for March 12, with shares credited to demat accounts on the same day. The company’s stocks are expected to list on exchanges on March 14, with a post-IPO market capitalization estimated at Rs 5,000 crore at the upper price band.
The IPO will comprise a pure offer-for-sale (OFS). Promoters Gopal Agriproducts and Bipinbhai Vithalbhai Hadvani will sell equity shares worth Rs 520 crore and Rs 80 crore, respectively, in the OFS. Additionally, Harsh Sureshkumar Shah will sell shares worth Rs 50 crore.
Currently, promoters hold 93.5 percent of the company’s shares, while the remaining 6.5 percent is owned by public shareholders, including Axis Growth Avenues AIF – I and Ashoka India Equity Investment Trust Plc, each holding a 1.48 percent stake.
Gopal Snacks, a fast-moving consumer goods company offering ethnic and western snacks across 10 states and two Union Territories, reported a revenue of Rs 1,394.65 crore for FY23, with a compound annual growth rate (CAGR) of 11.15 percent during FY21-FY23. Net profit recorded a CAGR of 130.65 percent during the same period, reaching Rs 112.4 crore, driven by robust operating performance. Earnings before interest, tax, depreciation, and amortization (EBITDA) grew at an average rate of 80.31 percent to Rs 196.23 crore in FY23. For the six months ended September FY24, net profit increased by nearly 7 percent year-on-year to Rs 55.6 crore, while revenue from operations dipped by 3.3 percent to Rs 676.2 crore.
According to a F&S report, the Indian savory snacks market was valued at Rs 79,600 crore in FY23 and is projected to grow at an average rate of approximately 11 percent, reaching Rs 1,21,700 crore by FY27.
Intensive Fiscal Services, Axis Capital, and JM Financial will serve as merchant bankers for the IPO.
