Gopal Snacks’ Rs.650-Cr IPO subscribed 9 times

The initial public offer of Rajkot-based Gopal Snacks received 9.02 times subscription. The IPO received bids for 10,81,08,746 shares against 1,19,79,993 shares on offer.The quota for Qualified Institutional Buyers (QIBs) received 17.50 times subscription, while the non-institutional investors’ part got 9.50 times subscription and the quota for Retail Individual Investors (RIIs) received 4.01 times subscription.The IPO was entirely an offer-for-sale by promoters and other selling shareholders for INR 650 crore. The price range for the offer is fixed at INR 381-401 a share. Gopal Snacks Ltd garnered INR 194 crore from anchor investors.Intensive Fiscal Services, Axis Capital and JM Financial are the managers to the offer.Founded in 1999, Gopal Snacks is a fast-moving consumer goods company, offering namkeen, western snacks, and other products across India and internationally.