Rajkot-based ethnic and western snacks maker Gopal Snacks has attracted decent demand for its initial public offering during March 6-11. The Rs 650-crore IPO has been subscribed 9.02 times on final day of bidding, as investors picked 10.81 crore equity shares against offer size of 1.19 crore shares.
As per the subscription data published by exchanges, qualified institutional buyers took the lead to support the public issue, picking 17.50 times the allotted quota, followed by non-institutional investors who bought 9.5 times the portion set aside for them.
Retail investors bid 4.01 times the reserved portion, while employees, too, looked aggressive in bidding as they bought 6.88 times the part set aside for them.
Gopal Snacks launched its public issue last week with the aim to raise Rs 650 crore through only an offer-for-sale with no fresh issue component. It means the entire issue proceeds, barring IPO expenses, will go to selling shareholders.
Also read: Krystal Integrated Services IPO: 10 things to know before subscribing to Rs 300-crore issue
The price band for the offer has been fixed at Rs 381-401 per share.
The Gujarat-based company will finalise the basis of allotment of IPO shares by March 12 and will credit equity shares to demat accounts of successful investors by March 13.
Investors can start trading in equity shares of Gopal Snacks IPO with effect from March 14.
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The Gopal Snacks IPO shares seem to be getting less interest in the grey market, trading at around just 3-6 percent premium over the upper price band, the market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing.
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