Shares of Gopal Snacks Ltd on Thursday ended over 10 per cent lower in their market debut against the issue price of Rs 401.
The stock listed at Rs 350, down 12.71 per cent from the issue price on the BSE.
During the day, it tanked 14.71 per cent to Rs 342. Shares of the company ended at Rs 360.05, reflecting a discount of 10.21 per cent.
At the NSE, shares of the company started the trade at Rs 351, a discount of 12.46 per cent. The stock ended at Rs 365.90, lower by 8.75 per cent.
The company commanded a market valuation of Rs 4,486.38 crore.
IPO subscribed 9.02 Times
In traded volume terms, 5.47 lakh shares of the company were traded at the BSE and over 84.63 lakh shares at the NSE during the day. The Initial Public Offer (IPO) of Gopal Snacks received 9.02 times subscription on Monday, the last day of bidding.
The initial share sale had an offer for sale of up to Rs 650 crore.
The IPO was entirely an OFS (Offer For Sale) of equity shares by promoters and other selling shareholders.
The price range for the offer was at Rs 381-401 a share.
Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally.
Network of 617 distributors
As of September 2023, the namkeen makers' products were sold in 10 states and 2 union territories. It has a network of 3 depots and 617 distributors.
The company operates three manufacturing facilities -- Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra.
Furthermore, it runs three ancillary manufacturing facilities that mostly produce 'besan', raw snack pellets, seasoning, and spices.
These are mainly used internally to make finished products like namkeen, gathiya, and snack pellets.
