Gopal Snacks Sets IPO Price Band At Rs 381–401 Per Share

Gopal Snacks Ltd. has set a price band of Rs 381 to Rs 401 for its upcoming initial public offering, it said in a statement on Friday.

The IPO is entirely an offer for sale worth Rs 650 crore. The anchor portion will open for subscription on March 5. The IPO will start on March 6 and continue till March 11.

Shares worth Rs 3.5 crore are reserved for employees at a discount of Rs 38 apiece. Bids can be made for a minimum of 37 shares, and then multiples thereof.

Promoters Bipinbhai Vithalbhai Hadvani and Gopal Agriproducts Pvt., along with investor Harsh Sureshkumar Shah, will offload stakes worth Rs 80 crore, Rs 520 crore and Rs 50 crore respectively. Proceeds from the offer will go to the selling shareholders and not the company, according to the red herring prospectus for the IPO.

Gopal Snacks was established in 1999 and incorporated in 2009. The FMCG company offers a range of ethnic snacks, western snacks and other products, with presence in 10 states and two Union Territories as of Sept. 30.

The company operates six manufacturing facilities — three primary and ancillary each —producing 84 products, according to the IPO offer document.