Gopal Snacks Limited, Rajkot-based ethnic snack company, has filed its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to raise funds for its upcoming initial public offering (IPO).
The shares are being offered at a face value of Re 1 and consist solely of an offer for sale of equity shares valued up to Rs 650 crore, which will be sold by Promoters and other existing shareholders, without any issuance of new shares.
The offer will be conducted via the book-building process, allocating not more than 50% of the net offer proportionately to qualified institutional buyers.
Moreover, at least 15 percent of the offer is reserved for non-institutional investors, while a minimum of 35 percent is set aside for retail individual investors.
A part of the offer for sale Bipinbhai Vithalbhai Hadvani plans to offer up to Rs 100 crore, Gopal Agriproducts Private Limited (Promoter Selling Shareholders) up to Rs 540 crore, and Harsh Sureshkumar Shah (Other Selling Shareholder) up to Rs 10 crore. Additionally, the offer also includes a provision for eligible employees to reserve their subscriptions.
About the company
Bipin Hadvani in 1999, founded Gopal Gruh Udyog as a partnership firm aiming to cater to Indian tastes by offering delightful Namkeen & snacks. By Fiscal 2023, the company has emerged as the leading producer of snack pellets and gathiya, both in terms of production volume and sales revenue.
Additionally, it holds the fourth position among the largest brands in the organized sector of ethnic savories, including gathiya, based on market share in India, as per details cited from an F&S Report in the DRHP.
Financial Highlights
The Companies' revenue from operations increased from Rs 1,128.86 crore in Fiscal 2021 to Rs 1,394.65 crore in Fiscal 2023, showcasing a Compound Annual Growth Rate (CAGR) of 11.15 percent.
Simultaneously, the profit increased with a CAGR of 130.65 percent, surging from Rs 21.12 crore in Fiscal 2021 to Rs 112.37 crore in Fiscal 2023.
Moreover, the EBITDA surged from Rs 60.35 crore in Fiscal 2021 to ₹ 1,96.22 crore in Fiscal 2023, recording an 80.31 percent CAGR.
As for the six months ending on September 30, 2023, the company's revenue from operations amounted to Rs 676.19 crore, while the profit after tax was reported at Rs 55.56 crore.
