Gopal Snacks Fails to Impress in Tepid Market Debut

14 Mar 2024 , 09:12 PM

With a closing price decrease of 7.5% of ₹360.05, Gopal Snacks makes a lacklustre closing. The price range for each equity share was determined by the firm at ₹381 to ₹401. The company that makes ethnic snacks acquired ₹650 Crore from investors by presenting them with a brand-new 16.2 million share offering.

It closed its retail subscription on March 11 after opening for bids on March 6. Retail bidders were required to subscribe for multiples of ₹14,837, or a minimum of 37 shares. Nonetheless, the business reserved about 96,500 shares for staff members and sold them for a mere ₹38 each.

Gopal Snacks is a prominent producer of ethnic snacks in India. It also makes Western snacks, which it exports to other nations in addition to India. It is India’s biggest producer of gathiya and namkeen.

The anchor investors gave the firm ₹193.95 Crore. Since this is purely a sale offer, all funds received will be deposited into the bank accounts of the shareholders who are selling their shares.

The book-running lead managers for the IPO were Intensive Fiscal Services, Axis Capital, and JM Financial. Link Intime India served as the issue’s registrar.

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