Gopal Snacks sets IPO price band at INR 381-401 per share, subscription opens March 6

March 1, 2024

Gopal Snacks has announced the price band for its upcoming initial public offering (IPO) at INR 381-401 per equity share. Subscription for the offering will begin on March 6 and end on March 11. The IPO comprises an offer for sale of INR 650 crore.

The floor price is set at 381 times the face value of shares, which are priced at INR 1 each, while the cap price stands at 401 times.

Bids can be made for a minimum of 1 lot or 37 shares and in multiples thereafter.

Continue Exploring: Gopal Snacks set to debut on stock market with INR 650 Crore IPO launch on March 6

Since the IPO is structured as an Offer for Sale (OFS), the company will not receive any proceeds; instead, all funds will be directed to the selling shareholders, namely Bipinbhai Vithalbhai, Gopal Agriproducts, and Harsh Sureshkumar.

Approximately 50% of the offer will be reserved for qualified institutional investors, 35% for retail investors, and 15% for non-institutional investors.

Gopal Snacks, an Indian fast-moving consumer goods (FMCG) company, holds a significant market presence in Gujarat. It offers a diverse range of savory products under the brand ‘Gopal’, encompassing ethnic snacks like namkeen and gathiya, as well as western snacks such as wafers, snack pellets, and extruder snacks.

As of September 2023, the company’s product portfolio consisted of 84 products with 276 SKUs spanning various product categories. Operating across India, it manages six manufacturing facilities, including three primary manufacturing sites and three ancillary facilities.

The three main manufacturing facilities are situated in Nagpur, Rajkot, and Modasa. These sites primarily specialize in the production of the company’s finished products.

The three supplementary manufacturing facilities primarily specialize in the production of besan (gram flour), raw snack pellets, and seasoning and spices. These items are mainly intended for internal consumption in the manufacturing of finished products.

For the six months ended September 2023, revenue from operations experienced a 3% year-on-year decline, amounting to INR 676 crore. However, profit after tax for the same period saw a slight increase, rising to INR 55.5 crore from INR 51.9 crore in the corresponding period of the previous year.

Intensive Fiscal Services, Axis Capital, and JM Financial are the book-running lead managers, and Link Intime India is the registrar of the offer.

Continue Exploring: ITC mulls 47% stake acquisition in Prataap Snacks, eyes market share growth

B2B ecommerce platform Moglix considers base relocation to India amid plans for public debut

News

SnackTeam

March 1, 2024

Moglix, a B2B ecommerce platform, is reportedly planning to relocate its base to India. This potential move comes on the back of its plans to make a public market debut in the next two years.

“I think we will continue to evaluate 2026-27 as the sweet spot for going public,” Moglix’s founder and CEO Rahul Garg told Livemint. He added that the startup will become “publicly ready” within 12 months.

With this move, Moglix joins a growing number of Indian startups looking to relocate their bases to India. Among these are Razorpay, Groww, Pine Labs, Meesho, and Udaan.

These companies are seeking to return to India as they compete for a share of the domestic capital markets and aim for improved business conditions.

Continue Exploring: B2B ecommerce unicorn Udaan sees drastic 50% valuation drop to $1.8 Billion in down round

However, the decision to flip back entails significant tax implications, as exemplified by PhonePe, which faced an $800 million tax bill and extensive paperwork.

Commenting on tax implications, Garg reportedly stated that there was no definitive information on this aspect as the process is still underway.

He further mentioned that while the unicorn is considering opportunities in other markets, India stands out as a more favorable destination for listing due to Moglix’s “strongest brand presence in the country.”

Noting that there is sufficient capital available in the country, Garg said the Indian public market has become substantially larger compared to what it was a decade ago.

Meanwhile, the CEO emphasized Moglix’s intentions to strengthen its presence in other international markets. Garg confirmed that non-India markets would account for 10-15% of the unicorn’s total revenue over the next two to three years.

In the financial year 2022-23 (FY23), more than 98% of the company’s revenue came just from India, while the remaining 2% came from Singapore and the UAE.

Established in 2015 by Garg, Moglix specializes in selling a diverse array of industrial tools and equipment on its B2B marketplace. The company focuses on serving sectors including automotive, cement, chemicals, consumer durables, FMCG, and metals, among others.

The Tiger Global-backed startup saw an operating revenue of INR 4,664.7 Cr in FY23, soaring nearly 83% from INR 2,554.6 Cr in the preceding year. Nevertheless, losses climbed by 12% year-on-year (YoY) to INR 193 Cr in FY23.

Continue Exploring: Udaan undergoes executive leadership restructuring as Group CFO Aditya Pande resigns

Accor to double room capacity in India, plans weekly hotel openings across PME segments in Asia

SnackTeam

March 1, 2024

Accor aims to increase its number of rooms in India by twofold over the next three years across premium, midscale, and economy segments (PME). A senior executive revealed that the company plans to inaugurate one hotel per week in Asia (excluding China) this year within these segments. This expansion strategy is driven by various factors, including the rising number of outbound Indian travelers in Asia.

“The demograhics and the booming middle class will drive business for us and others in a major way in India, but a big part of our growth story is also the outbound travel coming out of India,” said Garth Simmons, chief operating officer, Asia PME division at Accor.

“Because China has been so closed. It hasn’t opened to previous levels, India has taken the lead in some of those Asian markets and it will grow further. So, the reliance that we had on the Chinese travellers for markets like Vietnam for instance. Indians will replace them,” he said.

Continue Exploring: Accor expands portfolio with 24th Novotel property launch in India

Accor identifies itself as the third-largest foreign hotel group in India, boasting 61 operational hotels (over 11,000 rooms) and an additional 30 hotels (5453 rooms) in the pipeline.

This year, Accor plans to unveil 674 rooms in the PME segment across various locations in India, including Panjim, Candolim, New Delhi, Bhubaneswar, Mysuru, and Chandigarh.

“The pent-up demand has been enormous. India has had a wonderful 2023. Singapore, Thailand, Japan have been extremely strong markets for us too and the majority of the markets in the region have been above 2019 numbers,” said Simmons.

Simmons mentioned that Accor experienced a record-breaking year with 11 signings in India last year and anticipates that 2024 will be another significant milestone year.

“Doubling our room count over the next three years in the PME segment is an ambitious target but not impossible,” he said.

Accor manages 10 hospitality brands in India and South Asia, spanning across luxury and lifestyle, as well as PME segments. Within the luxury segment, it features brands like Fairmont, Raffles, and Sofitel. In the premium sector, Accor offers Pullman, Mövenpick, and Grand Mercure, while Novotel and Mercure represent its midscale offerings. In the economy category, Accor operates brands such as ibis and ibis Styles. The majority of its portfolio in India and South Asia falls within the midscale and economy segments.

Continue Exploring: Indian hospitality industry set for a record-breaking 2024: Surge in new hotel rooms expected

Swiggy reveals fascinating insights ahead of World Dosa Day: 29 Million dosas delivered in past year, Bangalore leads dosa consumption

SnackTeam

March 1, 2024

Ahead of World Dosa Day, observed annually on March 3rd, Swiggy, India’s leading on-demand convenience platform, unveils fascinating insights into the nation’s love affair with dosas. The order analysis spanning from February 25, 2023, to February 25, 2024, sheds light on the widespread popularity of the beloved South Indian staple.

In the past 12 months, Swiggy has successfully delivered an astonishing 29 million dosas, averaging 122 dosas per minute during breakfast alone. This underscores the significant popularity of this culinary delight among customers nationwide.

Cities such as Bangalore, Hyderabad, and Chennai are at the forefront of dosa consumption. Bangalore, renowned as the Dosa capital of India, not only leads the list but also surpasses other major cities by ordering twice as many dosas as Delhi, Mumbai, and Kolkata combined. In an unexpected twist, Chandigarh, known for its affection for buttery parathas, has embraced the mighty Masala Dosa as its favored dish. Additionally, dosa ranked among the top ordered dishes in Ranchi, Coimbatore, Pune, and Bhopal.

“My love for dosa knows no bounds!” A testament to the fervour for dosas, a single user from Coimbatore emerged as the dosa champion of the country, ordering a whopping 447 plates of dosas in the past year.

Continue Exploring: From Gochujang to Parmesan: Kerry unveils 2024 Taste Charts mapping culinary trends

During Ramzan, the Cricket World Cup, and the IPL, dosa ranked as the second most ordered dish, while during the Navratri season, it emerged as the most popular vegetarian option.

As anticipated, the peak hours for dosa cravings are during breakfast and dinner. Chennai stands out as the city with the greatest fondness for dosas during dinner, while Hyderabad has played a significant role in cementing dosa’s status as a favorite snack-time dish.

Among the diverse range of dosa options, the classic Masala Dosa reigns as the favorite among crowds across India, closely followed by Plain Dosa, Set Dosa, Onion Dosa, and Butter Masala Dosa.

Whether referred to as Dosa, Dosai, Dosey, or Dosha, there’s a plethora of variants available on Swiggy throughout India, highlighting the remarkable diversity and ingenuity within this cherished South Indian delicacy. From the timeless Sada and Masala Dosa to inventive concoctions like Chocolate Dosa, Pav Bhaji Noodles Palak Dosa, Schezwan Chop Suey Special Dosa, Dilkhush Dosa, Lays Dosa, and American Chopsey Dosa with Paneer, dosas have transformed into a platform for culinary exploration, fusing traditional flavors with contemporary twists.

Continue Exploring: From instant noodles to mangoes: Swiggy Instamart unveils fascinating 2023 trends

Kellogg’s CEO faces backlash after suggesting Americans eat cereal for dinner amid soaring food prices

SnackTeam

February 29, 2024

At a time when Americans are facing the highest food spending in three decades, Kellogg’s CEO Gary Pilnick‘s suggestion to eat cereal for dinner has sparked a firestorm of criticism.

During an interview with CNBC, Pilnick proposed turning to cereal as an affordable meal option, citing that “the price of a bowl of cereal with milk and with fruit is less than a dollar.”

Pilnick’s remarks come at a time when US consumers are spending over 11 per cent of their disposable income on food, a significant increase fueled by escalating grocery prices.

He claimed that the consumption of cereal is increasing for meals other than breakfast, with 25 percent now being eaten outside the typical morning timeframe.

Continue Exploring: Kellogg’s spices up snack aisles with new ‘Pringles Hot’ lineup, featuring fiery flavors!

“Cereal for dinner is something that is probably more on trend now, and we would expect to continue as that consumer is under pressure,” he said.

Critics on social media platforms have drawn parallels between Pilnick’s remarks and the infamous “let them eat cake” phrase, mistakenly attributed to Queen Marie Antoinette during the French Revolution.

The suggestion that economically strained families resort to cereal for dinner has been met with skepticism and outrage, with many pointing out the irony of such advice coming from a CEO whose annual compensation exceeds $1 million, not including bonuses.

The backlash has been amplified by worries about the nutritional content of cereal, which often contains high levels of sugar, and by the observation that cereal prices have surged markedly in recent years.

Continue Exploring: Kellanova successfully splits cereal business, paves the way for a new snacks-led era

As per data from the US Bureau of Labor Statistics, although the cost of cereals experienced a slight decrease of 0.3 percent in 2023, it had previously spiked by 6 percent in 2021 and 13 percent in 2022.

Social media users have also criticised Pilnick’s pitch as out of touch. Comments on platforms like X reflected a growing frustration with corporate profits amidst rising living costs, with one critic denouncing the suggestion as “exploiting the hungry for financial gain.”

Recent data from the FDA reveals that US consumers are allocating a larger portion of their budget to food purchases than they have in the past three decades. By the close of 2023, the expense of groceries had surged by nearly 20 percent compared to 2021.

Convergent Finance LLP and Samara Capital to acquire 51.8% stake in Agro Tech Foods for $78 Million

News

SnackTeam

February 29, 2024

Convergent Finance LLP and the private equity firm Samara Capital are set to collaboratively purchase a majority stake of 51.8% in Agro Tech Foods Limited from Conagra Brands, Inc. for $78 million (INR 650 crore).

The funds will pay another $44 mn (INR 360 cr) for the additional 26% of the outstanding shares through mandatory open offer.

Conagra holds a controlling stake in ATFL, a company renowned for marketing popular brands such as ACT II popcorn and Sundrop edible oil.

Continue Exploring: Tata Consumer Products approves INR 6,500 Crore fundraising for Capital Foods and Organic India acquisitions

As of Thursday, ATFL boasts a market capitalization of INR 2431 crore. ATFL’s shares concluded at INR 997.85, marking a 3.5% increase on the BSE.

ATFL will continue to license the ACT II brand from Conagra for use in India.

“As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform,” said Harsha Raghavan, Managing Partner at Convergent Finance.

“We are delighted to lead the acquisition of a majority stake in ATFL. We intend to create a large and unique branded food platform in the country with this acquisition,” said Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital.

Chicago-headquartered Conagra Brands, Inc. stands as one of North America’s leading branded food companies.

Continue Exploring: PepsiCo’s key bottler Varun Beverages acquires South Africa-based Bevco for INR 1,320 Crore

Gopal Snacks set to debut on stock market with INR 650 Crore IPO launch on March 6

News

SnackTeam

February 29, 2024

Gopal Snacks has announced that it will launch its initial public offering (IPO), which received regulatory approval earlier this year, on March 6. The issue will be available for public subscription till March 11.

The price range for the public offering, which consists entirely of an offer for sale (OFS) worth up to INR 650 crore, will be disclosed on Friday.

Given that the IPO is structured as an Offer for Sale (OFS), the company will not receive any proceeds. Instead, all funds raised will be directed to the selling shareholders, namely Bipinbhai Vithalbhai, Gopal Agriproducts, and Harsh Sureshkumar.

Continue Exploring: ITC mulls 47% stake acquisition in Prataap Snacks, eyes market share growth

About 50% of the offer will be allocated to qualified institutional investors, with 35% reserved for retail investors and 15% designated for non-institutional investors.

Gopal Snacks, an Indian fast-moving consumer goods (FMCG) company, holds a significant market presence in Gujarat. Under its brand ‘Gopal’, the company offers a diverse range of savory products, encompassing traditional snacks like namkeen and gathiya, as well as western snacks such as wafers, snack pellets, and extruder snacks.

As of September 2023, the company’s product portfolio included 84 distinct products with a total of 276 SKUs spanning across different product categories. Operating in India, the company runs six manufacturing facilities, consisting of three primary manufacturing plants and three supplementary manufacturing facilities.

The three main manufacturing facilities are situated in Nagpur, Rajkot, and Modasa. These sites are primarily dedicated to producing the company’s finished goods.

The three supplementary manufacturing facilities specialize in the production of besan (gram flour), raw snack pellets, and seasoning and spices. These items are primarily intended for internal consumption, used in the manufacturing of finished products.

For the six months ended September 2023, revenue from operations fell 3% year-on-year to INR 676 crore. Profit after tax during the same period increased marginally to INR 55.5 crore from INR 51.9 crore in the last year period.

Intensive Fiscal Services, Axis Capital, and JM Financial are the book-running lead managers, and Link Intime India is the registrar of the offer.

Continue Exploring: Swiggy prepares for IPO with name change to Swiggy Private Limited

Starshine Brands set for expansion, planning 50 new outlets across 12 cities within one year

News

SnackTeam

February 29, 2024

Starshine Brands, a prominent player in the food and beverage industry renowned for its flagship restaurants including Ivoryy, Aviary, Chhupa Rustam, Drops Beach Bar, Hola Goa, and Casa Nova, has revealed its expansion plan spearheaded by Manish Sharma, the company’s CEO & MD.

The expansion plan includes the launch of 30 more outlets for Ivoryy across 12 cities, including Indore, Bhopal, Goa, Delhi, Bhubaneswar, Lucknow, Hyderabad, Pune, Gurgaon, Chandigarh, Meerut, and Kolkata.

Currently, Starshine Brands operates in Goa, Delhi, and Bhopal, with plans to solidify its presence in tier 2 cities recognized for their promising growth potential, substantial consumer buying power, and relatively sparse market offerings.

Continue Exploring: Baskin Robbins targets major expansion in India and South Asia, aiming for 1000 stores in 2024

Additionally, another 20 outlets will be established across India for Chhupa Rustam, Casa Nova, and other brand offerings.

The company’s expansion strategy prioritizes customizing each outlet to serve local markets and meet specific demands.

Starshine Brands emphasizes its dedication to delivering a distinctive culinary journey, with food being the primary unique selling proposition (USP) of the brand.

“We believe that tier 2 cities present a tremendous opportunity for growth. These cities have a burgeoning market, and our goal is to provide them with a premium experience that combines excellent food with a vibrant atmosphere,” said Manish Sharma, CEO & MD, Starshine Brands.

Within the next year, Starshine Brands plans to open 30 outlets with the goal of reaching a revenue target of 100 Crores by 2025.

This expansion includes well-known brands like Ivoryy, Aviary, Casa Nova, Chuppa Rustam, and Hola Goa (Night Club).

Continue Exploring: Biggies Burger secures pre-series A funding, valuation soars to INR 210 Crore, fueling rapid expansion plans

It is noteworthy that the brand has announced its partnership with the renowned figure, Osama Jalani, who will be affiliated with Chhupa Rustam.

As part of its expansion strategy, Starshine Brands will implement menu changes aimed at achieving a perfect mix to cater to the diverse tastes and preferences of the local clientele.

Bansooriwala’s to invest INR 8 Crore in Delhi-NCR expansion: 4 new outlets in the pipeline

News

SnackTeam

February 29, 2024

Sweets and restaurant chain startup Bansooriwala’s is gearing up to add 4 outlets in the Delhi-NCR region this year with an investment of INR 8 crore.

The company stated that the first outlet is scheduled to open on the Delhi-Mumbai expressway in the coming months. With the launch of these outlets, the firm anticipates a fourfold increase in revenue generation for FY 2024-25 compared to FY 2023-24.

Continue Exploring: Anand Sweets launches its first store at Kempegowda Airport, offering authentic Indian delicacies

“Our expansion into North India marks an exciting chapter for Bansooriwala’s as we strive to bring our authentic Indian sweets and culinary experiences to even more discerning customers,” said Vikrantt Singh, Founder and managing director of the company.

Bansooriwala’s meticulously crafts each product, ensuring authenticity by exclusively using pure desi ghee. Renowned for its array of beloved cuisines such as gulab jamun, pav bhaji, chole bhature, and motichoor ladoo, the brand has garnered a reputation for excellence.

Established in 2021, the company presently operates four outlets within the Delhi-NCR region.

Continue Exploring: India’s confectionery market sweetens up as dark chocolate takes the lead in rapid growth

Working on sustainability practices to enhance competitiveness of apparel exporters: AEPC

SnackTeam

February 29, 2024

Apparel exporters body AEPC stated that the industry is actively pursuing sustainable production practices to bolster the sector’s competitiveness in the international market.

Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said the mantra given by Prime Minister Narendra Modi to boost textiles exports through 5F – Farm to Fiber, Fiber to Factory, Factory to Fashion, Fashion to Foreign – will energise the textiles export sector.

Continue Exploring: California lifestyle apparel brand Dockers makes big bet on Indian market, plans five store openings in first year

Addressing a gathering after inaugurating Bharat Tex 2024, one of the largest-ever global textile events organised in the country, on Monday, the prime minister promised all support to the textiles sector, stressing that it will play a crucial role in making India a developed nation by 2047 when India will complete hundred years of independence.

Sekhri said the expo will help promote the brand India in the international markets.

“For such a long time we did not have an international show of such a global standard and scale. We are working on sustainability and ethical production practices by ensuring ESG (Environmental, Social, and Governance) compliance which will give us an edge in the international market,” he said.

Continue Exploring: Apparel brand Bombay Shirt Company raises $3.2 Million in bridge funding round led by Singularity Ventures

Mithileshwar Thakur, Secretary General AEPC said many global organisations and international trade bodies including Better Cotton Initiative, International Apparel Federation, and Cotton Egypt Association are partnering with Bharat Tex 2024 to facilitate discussion and deliberations on issues like global trends in textiles and apparel, sustainability, circularity, traceability, innovation, and green financing.

1...610611612...1,403 Page 611 of 1,403

NewsHub