Gopal Snacks Secures ₹194 Crore Anchor Investment Ahead of IPO Launch

6 Mar 2024 , 09:05 AM

The FMCG company Gopal Snacks successfully raised ₹193.95 Crore through its anchor book on March 5, a day before the opening of its public issue. The IPO, which solely comprises an offer-for-sale (OFS) of shares worth ₹650 Crore, is set to open for subscription on March 6, with the final bidding date scheduled for March 11.

Gopal Snacks, the ethnic and western snacks maker, finalized the allocation of 48,36,657 equity shares to anchor investors at a price of ₹401 per equity share. Among the anchor investors were Ashoka Whiteoak ICAV, Whiteoak Capital Mutual Fund, DSP Mutual Fund, Quant Mutual Fund, 360 One Special Opportunities Fund, and Natixis International Funds.

Additionally, Optimix Wholesale Global Emerging Markets Share Trust, BNP Paribas Funds, HDFC Life Insurance Company, ITI Mutual Fund, Leading Light Fund VCC, Bay Capital, India Fund, BofA Securities Europe SA, and Copthall Mauritius Investment participated in the anchor book. Glopal Snacks noted in its filing that out of the total allocation, 16,95,455 equity shares were allocated to five domestic mutual funds through a total of nine schemes.

It’s important to note that the company will not receive any funds from the public issue, as the entire IPO proceeds will go to the selling shareholders. Promoters Gopal Agriproducts and Bipinbhai Vithalbhai Hadvani will be selling equity shares worth ₹520 Crore and ₹80 Crore in the OFS, respectively, while the remaining shares worth ₹50 Crore will be sold by other shareholder Harsh Sureshkumar Shah.

With its base in Rajkot, the savory snacks maker operating under the Gopal brand offers ethnic snacks, western snacks, and other products in ten states and two union territories. Promoters hold 93.5% shares in the company, while the remaining 6.5% stake is owned by public shareholders including Axis Growth Avenues AIF – I, and Ashoka India Equity Investment Trust Plc, both with a 1.48% stake each.

The price band for the public issue has been fixed at ₹381-401 per share.