**IPO GMP 8 March 2024: Everything You Need to Know**
📈**Gopal Snacks Limited**, a snack manufacturer based in Rajkot, opened its IPO on March 6th. Investors can bid in the IPO until March 11th. The company will only sell shares in the Offer-For-Sale (OFS) method, raising a total of Rs 650 crore. The price range for the IPO has been set at Rs 381-401 per share.
💰The money raised from the OFS will go to the promoters. Gopal Agriproducts and Bipinbhai Vitthalbhai Hadwani will sell shares worth Rs 520 crore and Rs 80 crore, respectively. The remaining Rs 50 crore worth of shares will be sold by Harsh Suresh Kumar Shah.
👥The promoters currently hold 93.5% of the company’s shares, with the remaining 6.5% held by public shareholders. Axis Growth Avenue AIF-1 and Ashoka India Equity Investment Trust PLC have a 1.48% stake in the company.
🏦Gehan Rajkoshiya Seva, Axis Capital, and JM Financial will act as merchant bankers for the IPO. 50% of the shares are reserved for institutional investors, 15% for non-institutional investors, and the remaining 35% for retail investors. The company has also reserved shares worth Rs 3.5 crore for its employees.
🍿Gopal Snacks Limited sells ethnic snacks, western snacks, and other products under the Gopal brand in 10 states and 2 union territories. The company reported revenue of Rs 1,394.65 crore in FY23, with a net profit of Rs 112.4 crore. During April-September 2024, the company’s net profit increased by 7% annually to Rs 556 crore, despite a 3.3% decrease in revenue to Rs 676.2 crore.
ℹ️Stay tuned for more updates on the IPO GMP as the bidding period continues until March 11th!
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