IPO Launch Date, Evaluation, Pricing, and Allocation Particulars of Gopal Snacks

The IPO details for Gopal Snacks have been confirmed, with the IPO scheduled to launch on March 6 and conclude on March 11. Gopal Snacks aims to raise approximately ₹650 crores through the IPO, comprising an offer for sale of up to ₹650 crores of shares priced at ₹1 each. The allocation breakdown is as follows: 35% for retail investors, 50% for qualified institutional buyers (QIB), and 15% for high net worth individuals (HNI).


Gopal Snacks is a fast-moving consumer goods company in India, offering ethnic snacks, stern snacks, and other products across India and internationally. In Fiscal 2023, they are the fourth largest brand in the organized sector of ethnic savories (including gathiya) in terms of market share in India and the largest manufacturer of gathiya (in terms of production volume and sales revenue) and snack pellets (in terms of production volume) in India (Source: F&S Report).

In Fiscal 2023, they’re the second largest organized ethnic namkeen manufacturer in Gujarat with Gujarat among the top states with high consumption of snacks in India, and the fourth largest packaged ethnic namkeen manufacturer in India, each in terms of sales revenue (Source: F&S Report). Further, they are the fourth largest papad manufacturer in terms of sales revenue in India (Source: F&S Report). They offer a wide variety of savoury products under their brand ‘Gopal’, including ethnic snacks such as nankeen and gathiya, stern snacks such as wafers, extruded snacks, and snack pellets, along with fast-moving consumer goods that include papad, spices, gram flour or besan, noodles, rusk, and soan papdi.

Over the years, they have leveraged their experience and understanding of the preferences and tastes of their consumers, and target markets to develop a wide range of products, which has enabled us to strengthen their foothold in the Indian snacks industry. As of the date of this Draft Red Herring Prospectus, their product portfolio comprised 84 products with 276 SKUs across their various product categories, thereby addressing a wide variety of tastes and preferences.

Gopal Snacks has expanded its footprint across India, with its products being sold in over 523 locations in ten States and two Union Territories as of September 30, 2023. Their extensive distribution network comprised three depots and 617 distributors, complemented by their sales and marketing team comprising 741 employees, as of September 30, 2023. They also rely on channels such as e-commerce, modern trade, and exports for the sale of their products. They have implemented a distribution management system that helps us coordinate with their distributors and provides visibility on their inventory levels and distributor sales, enabling us to optimize their distribution network. It also offers real-time insights into demand for their products, allowing us to make data-driven decisions, plan their operations, and meet the demands of their consumers in a timely and effective manner. In addition, as of September 30, 2023, they owned a fleet of 263 logistics vehicles to support their extensive distribution network.


Gopal Namkeen IPO Details

PO Date March 6, 2024 to March 11, 2024
Listing Date March 14, 2024
Face Value ₹1 per share
Price Band ₹381 to ₹401 per share
Lot Size 37 Shares
Total Issue Size 16,218,612 shares (aggregating up to ₹650.00 Cr)
Offer for Sale 16,218,612 shares of ₹1 (aggregating up to ₹650.00 Cr)
Employee Discount Rs 38 per share
Issue Type Book Built Issue IPO
Listing At BSE, NSE
Share holding pre issue 124,604,370
Share holding post issue 124,604,370

Gopal Namkeen IPO Timeline (Tentative Schedule)

IPO Open Date Wednesday, March 6, 2024
IPO Close Date Monday, March 11, 2024
Basis of Allotment Tuesday, March 12, 2024
Initiation of Refunds Wednesday, March 13, 2024
Credit of Shares to Demat Wednesday, March 13, 2024
Listing Date Thursday, March 14, 2024
Cut-off time for UPI mandate confirmation 5 PM on March 11, 2024

Key Performance Indicator

KPI Values
ROE 16.05%
ROCE 20.83%
Debt/Equity 0.08
RoNW 16.05%
P/BV 14.43
PAT Margin (%) 8.22

Objects of the Issue (Gopal Namkeen IPO Objectives)

The Company will not receive any proceeds from the Offer (the “Offer Proceeds”) and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.

Gopal Namkeen IPO Review (Apply)

The organization stands as one of the leading and prominent FMCG companies, primarily focusing on namkeen and other ready-to-eat packaged foods. Despite facing declining capacity utilization, the company has demonstrated growth in both its top and bottom lines, highlighting its ability to scale margins through economical consumer packs. While the valuation of the offering seems fully priced based on FY24 annualized earnings, investors may consider allocating funds for potential medium to long-term rewards.

Gopal Namkeen Limited Financial Information (Restated Standalone)

Gopal Snacks Limited’s revenue increased by 3.1% and profit after tax (PAT) rose by 170.52% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 30 Sep 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 434.54 461.28 399.72 341.89
Revenue 677.97 1,398.54 1,356.48 1,129.84
Profit After Tax 55.57 112.37 41.54 21.12
Net Worth 346.10 290.88 177.66 135.74
Reserves and Surplus 333.17 277.60 176.56 135.03
Total Borrowing 26.05 106.37 164.12 138.99
Amount in ₹ Crore

Gopal Namkeen Company Financial Report

₹ in Crores
Year Revenue Expense PAT
2021 ₹1,129.84 ₹1,103.34 ₹21.12
2022 ₹1,356.47 ₹1,302.42 ₹41.54
2023 ₹1,398.53 ₹1,246.69 ₹112.37
2023 6M ₹677.97 ₹603.00 ₹55.57

Company Promoters

  • Bipinbhai Vithalbhai Hadvani
  • Dakshaben Bipinbhai Hadvani
  • Gopal Agriproducts