Gopal Snacks stock debut with nearly 13% discount
New Delhi: Shares of Gopal Snacks Ltd on Thursday made their market debut with a discount of nearly 13 per cent against the issue price of Rs 401.
The stock listed at Rs 350, down 12.71 per cent from the issue price on the BSE. It further tanked 14.71 per cent to Rs 342.
At the NSE, shares of the company started the trade at Rs 351, a discount of 12.46 per cent.
The company commanded a market valuation of Rs 4,791.66 crore.
The Initial Public Offer (IPO) of Gopal Snacks received 9.02 times subscription on Monday, the last day of bidding.
The initial share sale had an offer for sale of up to Rs 650 crore.
The IPO was entirely an OFS (Offer For Sale) of equity shares by promoters and other selling shareholders.
The price range for the offer was at Rs 381-401 a share.
Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally.
As of September 2023, the namkeen makers’ products were sold in 10 states and 2 union territories. It has a network of 3 depots and 617 distributors.
The company operates three manufacturing facilities — Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra.
Furthermore, it runs three ancillary manufacturing facilities that mostly produce ‘besan’, raw snack pellets, seasoning, and spices.
These are mainly used internally to make finished products like namkeen, gathiya, and snack pellets.
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