Gopal Snacks share makes debut on 12% discount; Listed at ₹351 on NSE

14 Mar 2024 , 09:55 AM

Gopal Snacks made its debut on the bourses with a lukewarm response, opening at a 12% discount. The shares were listed at ₹351 on the National Stock Exchange (NSE), reflecting a discount of 12.47% below the issue price of ₹401, while on the Bombay Stock Exchange (BSE), they opened at ₹350, marking a 12.72% discount to the issue price.

The Rajkot-based ethnic and western snacks maker witnessed decent demand for its initial public offering from March 6 to March 11. The ₹650-Crore IPO garnered a subscription of 9.02 times on the final day of bidding, with investors subscribing to 10.81 Crore equity shares against the offer size of 1.19 Crore shares.

Subscription data revealed that qualified institutional buyers led the charge, subscribing 17.50 times the allotted quota, followed by non-institutional investors who subscribed 9.5 times their reserved portion. Retail investors also showed interest, bidding 4.01 times the reserved portion, while employees exhibited aggressive bidding, subscribing 6.88 times their set-aside portion.

The price band for the offer was fixed at ₹381-401 per share. Notably, Gopal Snacks opted for a public issue solely through an offer-for-sale, without any fresh issue component. Consequently, the entire proceeds from the issue, excluding IPO expenses, will go to the selling shareholders.