Gopal Snacks IPO gets steady response on final day. Check subscription, GMP and other details
IPO) of namkeen maker Gopal Snacks has been getting steady responses from investors on Monday, the third day of the bidding process with an overall subscription of 2.6 times.
The issue received over 3 crore consolidated share bids around this time against 1.19 crore shares on offer. The retail portion was booked the most at 5.48 times, followed by non-institutional investors' at 4.14 times.
The issue is completely an offer for sale (OFS) of up to Rs 650 crore. Since the IPO is an OFS, the entire proceeds will go to the selling shareholders, who are Bipinbhai Vithalbhai, Gopal Agriproducts and Harsh Sureshkumar.
Gopal Snacks IPO review
Analysts are mixed on the IPO over the competition in the industry and over reliance on specific product categories and regions.
«At the upper price band, the issue is valued at an EV/EBITDA of 25.9x based on FY23 earnings, which we think is expensive and recommend Avoid for this issue,» said Arihant Capital.
Gopal Snacks IPO GMP
In the unlisted market, the company's shares are trading with a premium of Rs 25.
Also Read: Pratham EPC Projects IPO: Check issue size, price band, GMP and other details
Gopal Snacks IPO price band
Gopal Snacks has fixed a price band of Rs 381-401 per share for its maiden public offer. Investors can bid for 37 shares in one lot and in multiples thereafter.
Other details
Gopal Snacks is a fast-moving consumer goods (FMCG) company in India with a major presence in Gujarat, offering a wide variety of savoury products under its brand ‘Gopal’,
