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On Day 2 of the bidding process, Thursday, March 7, 2024, the Initial Public Offer (IPO) of Gopal Snacks, the namkeen and wafer maker, was subscribed 1.47 times. The retail portion was subscribed 2.11 times while 0.10 times in Qualified Institutional Buyers (QIB) and 1.71 times in the Non-Institutional Investors (NII) category. And the employees’ portion was subscribed 3.40 times.
As per BSE data, on Day 1, March 6, 2024, the Gopal Snacks IPO was subscribed 0.61 times. The retail portion was subscribed 0.97 times, while Non-Institutional Investors subscribed 0.52 times. The employees’ portion was subscribed 1.81 times, and the Qualified Institutional Buyers portion was left unbooked.
Gopal Snacks IPO opened for subscription on Wednesday, March 6, 2024, and will close on Monday, March 11, 2024. The Rajkot-based namkeen and wafer maker company has raised about ₹193.94 crores from the anchor investors.
On March 7, 2024, the shares of Gopal Snacks were commanding a premium of ₹34 in the grey or unlisted market.
The price band of Gopal Snacks IPO has been fixed in the range of ₹381 to ₹401 per equity share. The face value of ₹1. The lot size is 37 equity shares. The IPO comprises an OFS of 1.62 crore shares, aggregating up to ₹650 crore, by promoters and existing shareholders.
The company has reserved not over 50% of the shares in the public issue for qualified institutional buyers, not less than 35% of the offer is reserved for retail investors and not less than 15% for non-institutional Institutional Investors. The employee portion has been reserved equity shares aggregating up to ₹3.5 crore. In the employee reservation portion, the eligible employees are offered a discount of ₹38 per equity share.
As the IPO of Gopal Snacks is OFS, the selling shareholders, Gopal Agriproducts, Bipinbhai Vithalbhai and Harsh Sureshkumar, will get the entire proceeds.
The company’s IPO committee, at its meeting held on March 05, 2024, has finalised the allocation of 4,836,657 equity shares to Anchor Investors at an Anchor Investor allocation price of ₹401 per share. A few of the anchor investors are as follows:
| Name of the Anchor Investor | No. of Equity Shares allocated | % of Anchor Investor Portion | Bid price (₹) per
Equity Share |
Total Amount
Allocated (₹) |
| DSP Multi Cap Fund | 4,98,760 | 10.31% | 401 | 20,00,02,760.00 |
| 360 One Special Opportunities Fund – Series 9 | 4,98,760 | 10.31% | 401 | 20,00,02,760.00 |
| Natixis International Funds (Lux) I – Loomis Sayles Global Emerging Markets Equity Fund | 4,98,760 | 10.31% | 401 | 20,00,02,760.00 |
| Optimix Wholesale Global Emerging Markets Share Trust | 4,98,760 | 10.31% | 401 | 20,00,02,760.00 |
| BNP Paribas Funds India Equity | 3,74,070 | 7.73% | 401 | 15,00,02,070.00 |
| Bofa Securities Europe Sa – Odi | 3,74,070 | 7.73% | 401 | 15,00,02,070.00 |
Gopal Snacks is an FMCG company in India offering ethnic, western, and other snacks across India and internationally. Their product portfolio comprised 84 products with 276 SKUs across various product categories, addressing various tastes and preferences. The company’s distribution network comprised 3 depots and 617 distributors, complemented by a sales and marketing team of more than 700 employees.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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