Gopal Snacks is known for namkeen, western snacks, and other products across India and internationally.

MUMBAI, Feb 13 (The CONNECT) – Rajkot-based ethnic snack company Gopal Snacks Limited has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 650 crore through its initial public offering (IPO).

The Company, known for namkeen, western snacks, and other products across India and internationally, had filed preliminary IPO papers with Sebi on November 21, 2023.

The shares are offered at a face value of Re 1 and is entirely an offer for sale of equity shares worth up to Rs 650 crore by Promoters and other selling shareholders with no fresh issue of shares.

The offer for sale comprises up to Rs 100 crore by Bipinbhai Vithalbhai Hadvani, up to Rs 540 crore by Gopal Agriproducts Private Limited (Promoter Selling Shareholders), and up to Rs 10 crore by Harsh Sureshkumar Shah (Other Selling Shareholder). The offer also includes a reservation for subscription by eligible employees.

Gopal Snacks, as of Fiscal 2023, is the largest manufacturer of snack pellets and gathiya in terms of production volume and sales revenue, and ranks fourth largest brand in the organized sector of ethnic savouries (including gathiya) in terms of market share in India. Under the “Gopal” brand, the company sells an average of 8.01 million packets per day, which has a wide range of savouries products, including fast-moving consumer goods like papad, spices, gram flour or besan, noodles, rusk, and soan papdi, as well as ethnic snacks like namkeen and gathiya and western snacks like wafers, extruded snacks, and snack pellets. Its product portfolio comprises of 84 products with 276 shops.

Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited, are the book-running lead managers, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.