On Thursday, Gopal Snacks Ltd saw its market debut with shares trading at a nearly 13% discount compared to the issue price of INR 401.
The stock debuted on the BSE at INR 350, marking a 12.71% decline from the issue price. Subsequently, it plummeted by an additional 14.71% to INR 342.
On the NSE, the company’s shares commenced trading at INR 351, reflecting a discount of 12.46%.
The company’s market valuation stood at INR 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 INR 650 crore.
Continue Exploring: Gopal Snacks IPO subscribed 56% on first day; retail investors lead with 88% subscription
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 INR 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.
Continue Exploring: Gopal Snacks raises INR 194 Crore from anchor investors ahead of IPO launch
