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Gopal Snacks gets SEBI approval to raise ₹650 crore through IPO

Rajkot-based ethnic snacks company Gopal Snacks Limited received a final statement on the hike from capital markets regulator Securities and Exchange Board of India (SEBI) on Tuesday 650 crore through an initial public offering (IPO).

The company, which offers namkeen, western snacks and other products across India and internationally, had filed preliminary IPO papers with Sebi on November 21, 2023.

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The shares are offered at par value 1 and is solely an offer to sell shares worth up to 650 crore from promoters and other selling shareholders without fresh issue of shares.

The sales offer includes up to 100 crore from Bipinbhai Vithalbhai Hadvani, up to 540 crore from Gopal Agriproducts Private Limited (Promoter Selling Shareholders) and up to 10 crore from Harsh Sureshkumar Shah (other selling shareholder). The offer also includes a reservation for a subscription by eligible employees.

Intensive Fiscal Services Private Limited, Axis Capital Limited and JM Financial Limited are the bookrunners and Link Intime India Private Limited is the registrar of the offering. The shares are proposed to be listed on the BSE and NSE.

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The company claims to be the largest manufacturer of snack pellets and gathiya in terms of production volume and revenue and ranks fourth largest in the organized ethnic treats sector (including gathiya) in terms of market share in India.

Under the 'Gopal' brand, the company sells an average of 8.01 million packs per day, covering a wide range of savory products including fast-moving consumer goods such as papad, spices, chickpea flour or besan, noodles, rusks and soan papdi as well as ethnic snacks such as namkeen and gathiya and Western snacks such as waffles, extruded snacks and snack pellets. The product portfolio includes 84 products with 276 SKUs.

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