Gopal Sancks IPO opened its subscription to retail investors on March 06. The company has set the price band in the Rs 381-401 range at a face value of Rs 10 per share. The company will be raising Rs 650 crore. The issue will close on March 11.
The company was fetching a premium of 16.21% in the grey market ahead of allotment and listing. A grey market is an unofficial market where shares exchange hands in an illegal way.
The allotment of the shares is expected to be on March 12 and the refund to be initiated from March 13. The tentative listing date is March 14.
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The company offers a variety of ethnic snacks like gathiya and namkeen. The FMCG major is based in Gujarat and is the largest manufacturer of Gathiya and snack pellets in the country. Gopal Snacks doesn’t just offer its products in India but internationally as well.
As it is fully an ‘offer for sale’ the company will not receive any raised money and will go to the pockets of selling shareholders.
Coming to the quota, the company has reserved not more than 35% for retail bidders. It is giving a discount of Rs 38 per share to the company’s employees.
The company intends to further enhance its presence in its core market of Gujarat and accelerate expansion in focus markets comprising of Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh and these focus markets have been selected on the basis of their geographical proximity to the company’s existing manufacturing facilities and the potential for expanding product portfolio in those regions, said Vishnu Kant Upadhyay, Assistant Vice President of Research & Advisory at Master Capital Services.
“The company plans to leverage technology to further optimize operations and utilise its unutilised capacity and expand manufacturing capacity at existing facilities and set up additional strategically located facilities to launch new products, expanding wallet share with consumers and grow its consumer base to enhance brand awareness. Investors looking to invest can invest in this IPO with a medium to long-term perspective,” Upadhyay said.