Gujarat-based FMCG company Gopal Snacks has filed draft papers with the capital markets regulator Sebi for raising Rs 650 crore via initial public offering (IPO), on November 21.
The IPO consists of only an offer-for-sale (OFS) of Rs 650 crore worth of shares by shareholders, including promoters, and there is no fresh issue component.
Promoters Bipinbhai Vithalbhai Hadvani and Gopal Agriproducts and investor Harsh Sureshkumar Shah are the selling shareholders in the OFS.
Promoters Bipinbhai Vithalbhai Hadvani, Dakshaben Bipinbhai Hadvani, Gopal Agriproducts and Raj Bipinbhai Hadvani hold 93.5 percent in the company, while the rest of 6.5 percent share are held by public shareholders including Harsh Sureshkumar Shah, Axis Growth Avenues AIF – I and Ashoka India Equity Investment Trust PLC.
On the financials front, the ethnic savoury products company has recorded a massive 170.5 percent on-year growth in profit at Rs 112.4 crore for the year ended March FY23 despite muted growth in topline, backed by healthy operating performance with a fall in input cost.
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Revenue from operations during the year increased by 3.1 percent to Rs 1,394.6 crore compared to the previous year, while the profit grew at a CAGR of 130.65 percent and revenue 11.15 percent during the FY21-FY23 period.
EBITDA (earnings before interest, tax, depreciation and amortisation) surged 107 percent YoY to Rs 196 crore with the margin expanding to 14.07 percent from 7.01 percent in the same period.
The ethnic namkeen manufacturer has registered nearly 7 percent on-year growth in profit at Rs 55.6 crore for the six months ended September FY24, supported by operating numbers, but revenue declined 2.5 percent to Rs 676.2 crore during the same period.
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Gopal Snacks, which claimed to be the largest manufacturer of gathiya in India, compares itself with listed entities like Bikaji Foods International, and Prataap Snacks.
Intensive Fiscal Services, Axis Capital, and JM Financial are appointed as merchant bankers to the issue.
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