₹ 381 - ₹ 401
06-Mar-2024 - 11-Mar-2024
₹ 14837.00



06-Mar-2024 - 11-Mar-2024

₹ 381 - ₹ 401

Price Band

₹ 14837.00

Minimum Investment


Bid Lot



IPO Details

Offer for Sale of Equity Shares aggregating upto Rs. 650 Crore

Category % Shares/Amount
QIB 50% 8,061,096 Shares Rs. 323.25 Cr
HNI 1 5% 848,425 Shares Rs. 32.33 Cr @ 1556 Form 1X
HNI 2 10% 1,612,220 Shares Rs. 64.65 Cr @ 3112 Form 1X
Retail 35% 5,642,768 Shares Rs. 226.25 Cr @ 152507 Form1X

BRLMs: Axis Capital, Intensive Fiscal, JM Financial

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
152507 Form1X 1556 Form 1X 3112 Form 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 37 ₹ 14,837
Retail (Upto 2 Lakh) 13 481 ₹ 192,881
S-HNI (2 Lakh to 10 Lakh) 14 518 ₹ 207,718
S-HNI (2 Lakh to 10 Lakh) 67 2479 ₹ 994,079
B-HNI (Above 10 Lakh) 68 2516 ₹ 1,008,916

IPO Timeline

  • Open Date

  • Close Date

  • Basis of Allotment Date

  • Initiation of Refunds

  • Credit Shares to Demat A/c

  • IPO Listing Date


Subscription as on
11-Mar-2024 15:04

Category Book Size Subscription No. of Times
QIB 3,224,439 ₹ 129.30 Cr. 38,369,703 ₹ 1538.63 Cr. 11.90x
HNI (<10 LAKH) 848,425 ₹ 34.02 Cr. 5,400,113 ₹ 216.54 Cr. 6.36x
HNI2 (>10 LAKH) 1,612,220 ₹ 64.65 Cr. 11,814,063 ₹ 473.74 Cr. 7.33x
RETAIL 5,642,768 ₹ 226.27 Cr. 21,479,055 ₹ 861.31 Cr. 3.81x
Total 11,327,852 77,062,934 6.80x
Category Book Size Subscription No. of Times
QIB 3,224,439 ₹ 129.30 Cr. 38,369,703 ₹ 1538.63 Cr. 11.90x
HNI (<10 LAKH) 848,425 ₹ 34.02 Cr. 5,400,113 ₹ 216.54 Cr. 6.36x
HNI2 (>10 LAKH) 1,612,220 ₹ 64.65 Cr. 11,814,063 ₹ 473.74 Cr. 7.33x
RETAIL 5,642,768 ₹ 226.27 Cr. 21,479,055 ₹ 861.31 Cr. 3.81x
Total 11,327,852 77,062,934 6.80x

*Excluding Anchor

Total No. of Application Approx : ~532995 (3.49 Appwise)

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About Company

  • Gopal Snacks was initially formed as partnership firm on April 1, 1999. Gopal Snacks is a fast-moving consumer goods company in India, offering ethnic snacks, western snacks and other products in 10 States and 2 Union Territories as of September 30, 2023. The company offers a wide variety of savoury products under the brand ‘Gopal’. They are 2nd largest snack manufacturing company in Gujarat.

  •  The company has also introduced its product line dedicated at offering premium wafers under the brand name of “Cristos” along with extruder snacks under the brand name of “Cornigo”. The product offerings also include FMCG products including gram flour or besan and powdered spices under the “Gopal” brand. Other FMCG offerings include noodles, washing bars, and packaged sweets i.e., soan papdi, rusk and chikki.

  • As on September 30, 2023, Gopal Snacks has 276 SKUs in its portfolio. Gopal is dedicated on providing customers with differentiated value through a range of SKUs at affordable prices. It is the first company to launch gram flour or besan in ? 10 SKU. The company sells its products in 10 Indian states and 2 union territories and is one of the fastest-growing snack companies in India.

  • Company’s 3 primary manufacturing facilities with installed capacity of 3,03,668.76 MT and 3 ancillary manufacturing facilities with installed capacity of 1,01,060 MT.

  • As of September 30, 2023, Gopal Snacks had 3 depots and 617 distributors, who helped them reach retailers located across 10 States and 2 Union Territories in India.

  • The company is the largest manufacturer of Gathiya in terms of production volume and sales revenue in India and holds a market share of approximately 31% in Fiscal 2023 of the organized gathiya market in terms of sales revenue. The Gathiya segment itself generated a revenue of ? 423.9 crore in Fiscal 2023.

  • Gopal Snack is the largest manufacturer of Snack Pellets in India with a revenue generation of ? 309.5 crore through snack pellet segment in Fiscal 2023. The company offers 12 varieties of Ready-to-Eat (RTE) snack pellets to consumers.

  • The company is 2nd largest manufacturer of Ethnic Namkeen in Gujarat and among the leading packaged namkeen players in India. They have also secured its position as the 4th largest packaged ethnic namkeen manufacturers in India. Over 65% of the company’s revenue is generated through its namkeen segment.

  • In FY 2023, Gopal Snacks Limited is the 4th largest manufacturer of papad in terms of its sales revenue and accounts for a market share of 3% in the Indian papad market. The revenue contributed by Papad reached ? 52.9 crore in Fiscal 2023.

Read More


Competitive Strength 

  • Position in the Indian snack food market as an ethnic savouries brand with a significant presence in Gujarat coupled with the focus on quality and various offerings;

  • Diversified product portfolio capable of capturing growing Indian snacks market;

  • Position as a manufacturer of gathiya in India coupled with the growing popularity of gathiya as a snack, present opportunities to expand in the gathiya segment;

  • Strategically located manufacturing facilities;

  • Vertically integrated advanced business operations resulting in quality products and cost and operational Efficiencies;

  • Distribution network;

  • Experienced Promoter and management team;

  • Track record of profitable financial performance.


 Business Strategies 

  • Further enhance the presence in the core market of Gujarat;

  • Accelerate expansion in the focus markets;

  • Continue to launch new products, expand wallet share with consumers and grow the consumer base;

  • Enhance brand awareness;

  • Continue to leverage technology to further optimise the operations;

  • Utilization of un-utilised capacity and expand manufacturing capacity at the existing facilities and set-up additional strategically located facilities.

Company Promoters

Bipinbhai Vithalbhai Hadvani is one of the Promoters of the company and the Chairman and Managing Director of the company. Dakshaben Bipinbhai Hadvani is one of the Promoters of the company and the Executive Director of the company. Raj Bipinbhai Hadvani is the Whole-time Director and Chief Executive Officer of the company. Harsh Sureshkumar Shah is a Non-executive Director of the company. Rajnikant Chimanlal Diwan is an Independent Director of the company. Natwarlal Meghjibhai Patel is an

Company Financials

Gopal Snacks Limited's revenue increased by 3.1% and profit after tax (PAT) rose by 170.52% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 30 Sep 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 434.54 461.28 399.72 341.89
Revenue 677.97 1,398.54 1,356.48 1,129.84
Profit After Tax 55.57 112.37 41.54 21.12
Net Worth 346.10 290.88 177.66 135.74
Reserves and Surplus 333.17 277.60 176.56 135.03
Total Borrowing 26.05 106.37 164.12 138.99
Amount in ? Crore

Objects of the Issue

The Company will not receive any proceeds from the Offer (the "Offer Proceeds") and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.

How to Apply

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  • Step 01 :

    Once you create your account, Login to Us.

  • Step 02 :

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 03 :

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 04 :

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 05 :

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with Us, in just a few clicks your application is processed. You can bid for any IPO through Us, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
  • If lot size is 15, then you have to bid for multiples of 15 share like 30,45,60 and so on.
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Frequently Asked Questions

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