Investors subscribe Gopal Snacks IPO 1.39 times on Day 2 of bidding

The initial public offer of Gopal Snacks received 1.39 times subscription on Thursday, the day two of bidding.

The initial share sale received bids for 1,66,83,337 shares against 1,19,79,993 shares on offer, as per NSE data.

The quota for retail individual investors (RIIs) was subscribed 2 times, while the non-institutional investors part received 1.62 times subscription and the qualified institutional buyers (QIBs) portion subscribed 9 per cent.

The initial public offer (IPO) has an offer for sale of up to Rs 650 crore. The IPO is entirely an OFS of equity shares by promoters and other selling shareholders.

Price Range for the offer is fixed at Rs 381-401 a share.

Gopal Snacks Ltd on Tuesday said it has garnered Rs 194 crore from anchor investors.

The Rajkot-based company's IPO will conclude on March 11.

Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering Namkeen, western snacks, and other products across India and internationally.

As of September 2023, the Namkeen makers' products were sold in 10 states and 2 Union Territories. It has a network of 3 depots and 617 distributors.

The company operates three manufacturing facilities -- Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra. Furthermore, it runs three ancillary manufacturing facilities that mostly produce 'besan', raw snack pellets, seasoning, and spices. These are mainly used internally to make finished products like namkeen, gathiya, and snack pellets.

Intensive Fiscal Services, Axis Capital and JM Financial are the managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and NSE.