Gopal Snacks IPO Day 2: Retail Portion Fully Subscribed

7 Mar 2024 , 12:04 PM

On the first day of bidding, Rajkot-based Gopal Snacks received a subscription of 56% for its initial public offering (IPO) on March 6. By the second day, the subscription increased to 88%, with the retail portion being fully subscribed at 1.34 times. The non-institutional portion of the IPO garnered bids of 81%, while the Qualified Institutional Buyer (QIB) portion saw an 8% subscription rate. Additionally, a portion reserved for employees was oversubscribed by 2.38 times. Click here to subscribe to the IPO.

Gopal Snacks aims to raise ₹650 Crore through its maiden public issue. Promoters Bipinbhai Vithalbhai Hadvani and Gopal Agriproducts, along with non-promoter Harsh Sureshkumar Shah, are the selling shareholders in the Offer for Sale (OFS).

The price band for the Gopal Snacks IPO, which is scheduled to close on March 11, has been set at ₹381-401 per share.

Under its brand “Gopal,” the company offers a range of savoury products. It recorded a growth rate at a Compound Annual Growth Rate (CAGR) of 11.15% in revenue from operations during FY21-FY23. Furthermore, its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew at a CAGR of 80.31%, while profits increased at a CAGR of 130.65% during the same period.