Gopal Snacks files DRHP with SEBI to raise ₹650 crore via IPO

livemint.com:

₹650 crore through an initial public offering (IPO). The proposed issue is entirely an offer for sale (OFS) of equity shares by promoters and other selling shareholder, according to the company's Draft Red Herring Prospectus (DRHP). The OFS comprises the sale of shares worth up to ₹100 crore by Bipinbhai Vithalbhai Hadvani, up to ₹540 crore by Gopal Agriproducts Pvt Ltd, and up to ₹10 crore by Harsh Sureshkumar Shah.

The offer also includes a reservation for subscription by eligible employees. Intensive Fiscal Services, Axis Capital, and JM Financial are the book-running lead managers to the IPO. The equity shares of the company are proposed to be listed on the BSE and the NSE.

Gopal Snacks is a fast-moving consumer goods (FMCG) company which was founded in 1999 and offers namkeen, western snacks, and other products across India and abroad. As on September 2023, the namkeen makers' products were sold in 10 states and two Union Territories and has a network of three depots and 617 distributors. The company operates three manufacturing facilities -- Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra.

Gopal Snacks 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. The companies' revenue from operations increased from ₹1,128.86 crore in FY21 to ₹1,394.65 crore in FY23 and profit grew from ₹21.12 crore in FY21 to ₹112.37 crore in FY23.