Gopal Snacks gets SEBI nod for ₹650 crore IPO: Key facts to know

Gujarat-based ethnic snacks company Gopal Snacks has received the approval from capital market regulator Securities and Exchange Board of India (SEBI) to raise ₹650 crore through its initial public offering (IPO). The company had filed preliminary papers with the regulator in November last year.

The IPO will consist entirely of an offer for sale (OFS) by the existing shareholders and promoters— Bipinbhai Vithalbhai Hadvani and Gopal Agriproducts.

Gopal Snacks' promoters— Bipinbhai Vithalbhai Hadvani, Dakshaben Bipinbhai Hadvani, Gopal Agriproducts and Raj Bipinbhai Hadvani-presently hold a 93.5% stake in the company.

The remaining 6.5% share is held by public shareholders including Harsh Sureshkumar Shah, Axis Growth Avenues AIF – I and Ashoka India Equity Investment Trust.

Gopal Snacks IPO date, offer size, registrar and price band

Offered at a face value of ₹1, shares in Gopal Snacks IPO will be entirely an offer for sale worth ₹650 crore by promoters and other shareholders. The IPO will not consist of any fresh issue of shares. Gopal Snacks shares are proposed to be listed on the BSE and NSE.

The offer for sale in Gopal Snacks IPO consists of up to ₹540 crore by Gopal Agriproducts Private Limited (Promoter Selling Shareholders) and ₹100 crore by Bipinbhai Vithalbhai Hadvani. Additionally, shares worth up to ₹10 crore are being offered by Harsh Suresh Kumar Shah (Other Selling Shareholder".

The public issue also includes a portion reserved for subscription by eligible employees.

Gopal Snacks has appointed Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited as its book-running lead managers. Link Intime India Private Limited is the registrar of the public issue.

The IPO launch date is yet to be announced by Gopal Snacks. The price band per share will also be finalised ahead of the maiden share-sale opens for subscription.

About Gopal Snacks

Established in 1999 by Bipin Hadvani under Gopal Gruh Udhyog, the company claims to be the fourth largest brand in the ethnic snacks (including gathiya) in terms of market share. It further claims to be the largest manufacturer of gathiya and snack pellets in India in terms of volume in FY23.

Gopal Snacks Limited has a pan-India footprint with a network of over 4 lakhs retailers spanning across 10 states and 2 Union Territories.

The company sells an average of 8.01 million packets of savouries products per day under the Gopal brand. Its product portfolio comprises 276 items including fast-moving consumer goods like spices, papad, gram flour or besan, soan papdi, rusk and noodles as well as ethnic snacks including namkeen and gathiya. The company also retails western snacks like wafers and snack pellets.

Gopal Snacks Limited financial details

Goal Snacks Limited's revenue from operation was ₹1,394.6 crore in FY23 as against ₹1,352.1 crore in the previous fiscal year. The company posted a net profit of ₹112.3 crore in FY23, up 170% compared to preceding financial year. The company’s net worth stood at ₹290.8 crore in FY23.

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