Gopal Snacks taps 360 One Asset, others for pre-IPO funds

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₹100 crore to ₹200 crore and the proceeds will be used to ‘meet obligations’ related to a loan taken by the founders last year, the persons cited above said. In December 2022, Mint reported that the founder Bipin Hadvani raised a debt of ₹490 crore from JM Financial to buy out his younger brother’s stake in the company. 360 One Asset and Gopal Snacks confirmed the pre-IPO investment in the company but did not provide additional details.

“Our thesis is based on investing in strong market-leading brands that grow consistently along with profitability. The company has a strong focus on high quality and quantity at the right price and shown consistent growth with high profitability," Sameer Nath, chief investment officer, head, Private Equity, 360 One Asset said in a statement. Axis and White Oak did not immediately respond to a request for comment on Thursday.

360 One Asset, earlier known as IIFL Private Equity (under IIFL Wealth and Asset Management Ltd), had previously invested in Bikaji Foods from its pre-IPO fund which yielded good returns. Gopal Snacks also has appointed two merchant banks to prepare for a public listing and is working towards filing a draft red herring prospectus in the coming months, though a listing will depend upon market conditions, the first person cited above added. “It is aiming to list before March 2024, as the market conditions may become harder after that because of the elections.

A 2024 IPO is expected," the second person added. In a December interview, Hadvani said the company is aiming for a ₹800 crore to ₹1,000 crore public offering. The proceeds from the IPO will also take care of the balance debt, the people cited above added.