Gopal Snacks IPO GMP: Good performance in gray market, raised ₹194 crore from anchor investors
Gopal Snacks IPO GMP
Gopal Snacks is a company selling daily use items. As of September 2023, Namkeen products are sold in 10 states and two union territories and has a network of three depots and 617 distributors. Established in the year 1999,
The IPO of Rajkot-based company Gopal Snacks, which manufactures namkeen, chips and snacks, has opened from today. While brokerages are bullish on IPOs, good momentum is also being seen in the gray market. You will be able to invest in Gopal Snacks IPO from today till March 11. The Rajkot-based company has raised ₹193.94 crore from anchor investors. The company informed the stock exchanges that it allotted 48,36,657 equity shares to anchor investors at ₹401 per share on Tuesday, March 05. The price band for the Rs 650 crore IPO (initial public offering) of Gopal Snacks Ltd has been fixed at Rs 381 to Rs 401 per share.
The GMP or gray market premium of Gopal Snacks IPO is 65. This indicates that Gopal Snacks stock is trading at a premium of ₹65 in the gray market. Considering the upper end of the IPO price band and the existing premium in the gray market, the estimated listing price of Gopal Snacks’ share price is quoted at ₹466 per share, which is 16.21% higher than the IPO price of ₹401. Based on gray market activities over the last 7 sessions, today’s IPO GMP is expected to have a strong listing. According to analysts, the lowest GMP is ₹0, while the highest GMP is ₹122. The ‘grey market premium’ refers to the willingness of investors to pay more than the issue price.
Brokerage is also bullish about this IPO
Reliance Securities has given ‘Subscribe’ rating on this issue. Sharekhan analysts believe that at the upper and lower price bands, Gopal Snacks is undervalued than its nearest competitors Pratap Snacks and Bikaji Foods International. Master Capital Services advised investors to invest money in this IPO keeping the medium to long term in mind. This is because the company intends to expand outside Gujarat into the markets of Maharashtra, Rajasthan, Madhya Pradesh and Uttar Pradesh.
About Gopal Snacks Limited
Established in 1999, Gopal Snacks Limited is an FMCG company that deals in ethnic and western snacks and other products in India and internationally.The company offers a variety of snack products, including ethnic snacks like namkeen and gathiya as well as western snacks like wafers, extruded snacks and snack pellets. They also provide fast moving consumer goods like papad, spices, gram flour or gram flour, noodles, rusks and soan papdi.