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Gopal Snacks files draft papers for a Rs 650 crore IPO
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Friday, 24 November, 2023, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Rajkot-based ethnic snack co., Gopal Snacks Limited, a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally, has filed its Draft Red Herring Prospectus (DRHP), with capital market regulator Sebi to raise funds for its initial public offering (IPO).
The shares are offered at a face value of Re 1 and is entirely an offer for sale of equity shares worth up to Rs 650 crore by promoters and other selling shareholders with no fresh issue of shares.
The offer for sale comprises up to Rs 100 crore by Bipinbhai Vithalbhai Hadvani, up to Rs 540 crore by Gopal Agriproducts Private Limited (Promoter Selling Shareholders), and up to Rs 10 crore by Harsh Sureshkumar Shah (Selling Shareholder). The offer also includes a reservation for subscription by eligible employees.
The offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual investors
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