The initial public offering (IPO) of Gopal Snacks Limited has been oversubscribed, helped by a push in the retail category.
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Gopal Snacks’ Rs 650 crore IPO opened for public issue on Wednesday, March 6, 2024.
The company has reported an overall subscription of 1.48 times as of the latest update. As per the latest update, the IPO has received a bid for 1,68,29,746 shares out of the 1,13,81,955 shares available.
The public issue was subscribed 2.13 times in the retail category, 0.10 times in the QIB category, and 1.71 times in the NII category.
The company has set the price range for its equity shares at Rs 381 to Rs 401 each, with a face value of Rs 1 per share.
Interested investors can take part in this IPO from March 6 to March 11, 2024. The minimum bid starts at 37 equity shares, with additional bids to be made in multiples of 37 shares.
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Latest GMP for Gopal Snacks IPO
The Gopal Snacks IPO’s last Grey Market Premium (GMP) stands at Rs 21.
With a price band of Rs 401, the estimated listing price for the IPO is projected to be Rs 422 (cap price + today’s GMP), indicating an expected percentage gain/loss per share of 5.34 per cent.
Should you subscribe?
Master Capital Services Limited said that the IPO can be subscribed for a medium to long time.
“Investors looking to invest, can invest in this IPO with a medium to long term perspective,” it said.
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They highlighted Gopal Snacks’ diverse product range catering to the Indian taste buds under the “Gopal” brand. It said that the company‘s strong brand recognition, particularly in its core market of Gujarat, distinguishes it in the competitive landscape.
