The listing date for the Gopal Snacks IPO has been set for tomorrow, March 14. The IPO allotment process has been completed, and today, March 13, shares will be credited to demat accounts for those who have been allocated shares. Additionally, the refund process for those who did not receive shares will also take place today.
Over the course of three days, the Gopal Snacks IPO received a sufficient number of subscriptions. On the third day, the subscription rate was 9.02 times, according to BSE data. The retail investors’ portion was subscribed to 4.01 times, the Non-Institutional Investors (NII) portion was oversubscribed by 9.50 times, and the Qualified Institutional Buyers (QIB) portion was oversubscribed by 17.50 times.
The employee portion was subscribed to 6.87 times. The IPO allocated not more than 50% of the shares to qualified institutional buyers, at least 15% to NII, and at least 35% to retail investors. An employee portion was reserved, with a discount of ₹38 per equity share offered to eligible employees bidding in this segment.
The Gopal Snacks IPO opened for subscription on March 6 and closed on March 11, with a price band set between ₹381 to ₹401 per equity share of face value Re 1. The lot size was 37 equity shares, and thereafter in multiples of 37 equity shares. Despite being a 100% Offer for Sale (OFS), the IPO attracted healthy subscription demand across all investor groups due to Gopal’s strong presence in the Indian fast-moving consumer goods market, offering a variety of products including Namkeen and western snacks.
However, given the subdued secondary market environment and ongoing selling pressure in the Mid- and Small-cap segments, it’s anticipated that Gopal’s listing might be muted to flat. This is justified by the fact that no money would be entering the firm for expansion since it was a 100% OFS.
Currently, the grey market premium (GMP) for Gopal Snacks IPO stands at -12, indicating that the share price is trading at a discount of ₹12. This suggests that the estimated listing price could be ₹389 apiece, which is -2.99% lower than the IPO price of ₹401.
Based on the recent trend in grey market activities, today’s GMP signals a discount listing. The lowest GMP observed is ₹-12, while the highest is ₹122, as per analysts. The “grey market premium” reflects investors’ willingness to pay more than the issue price.
The Gopal Snacks IPO consists of an offer-for-sale (OFS) of equity shares worth ₹650 crore by the promoters and other investors. This includes shares worth ₹520 crore from Gopal Agriproducts Private Ltd, ₹80 crore from promoter Bipinbhai Vithalbhai Hadvani, and ₹50 crore from another selling stakeholder, Harsh Sureshkumar Shah.
The book running lead managers for the IPO are Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited, with Link Intime India Private Ltd serving as the registrar.
