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Gopal Snacks Limited files draft papers for a Rs 650 crore IPO

Posted On: 2023-11-23 09:00:13 (Time Zone: IST)

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 through 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 (Other 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.

With a deep understanding of Indian tastes and preferences, Mr. Bipin Hadvani founded Gopal Gruh Udyog in 1999 as a partnership firm to satisfy Indian palates with delectable Namkeen & snacks. As of Fiscal 2023, it is the largest manufacturer of snack pellets and gathiya in terms of production volume and sales revenue, and ranks fourth largest brand in the organized sector of ethnic savouries (including gathiya) in terms of market share in India, according to an F&S Report mentioned in the DRHP.

Under the "Gopal" brand, the company sells an average of 8.01 million packets per day, which has a wide range of savouries products, including fast-moving consumer goods like papad, spices, gram flour or besan, noodles, rusk, and soan papdi, as well as ethnic snacks like namkeen and gathiya and western snacks like wafers, extruded snacks, and snack pellets. Its product portfolio comprises of 84 products with 276 SKUs.

As on September 30, 2023, the namkeem makers' products were sold in 10 states and 2 Union Territories and has a network of 3 depots and 617 distributors. In Fiscal 2023, Gopal snacks stands to be the second largest orgainised ethnic namkeen manufacturer in terms of sales revenue in Gujarat. Furthermore, based on sales revenue, it ranks as India's fourth-largest papad manufacturer.

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.

The Companies' revenue from operations increased from Rs 1,128.86 crore in Fiscal 2021 to Rs 1,394.65 crore in Fiscal 2023 at a CAGR of 11.15%. The profit grew at a CAGR of 130.65% from Rs 21.12 crore in Fiscal 2021 to Rs 112.37 crore in Fiscal 2023. EBITDA increased from ? 60.35 crore in Fiscal 2021 to ? 1,96.22 crore in Fiscal 2023, at a CAGR of 80.31%.

For six months ended September 30, 2023, revenue from operations stood at Rs 676.19 crore and profit after tax at Rs 55.56 crore.

In Fiscal 2022, the snack maker had the highest fixed asset turnover ratio, return on equity, and return on capital employed, among key snacks companies in India such as Bikaji Foods International Limited, Haldiram (Nagpur +Delhi), Bikanervala Foods Private Limited, Prataap Snacks Limited, Balaji Wafers Private Limited, PepsiCo India Holdings Pvt Ltd, and DFM Foods Limited.

The Indian market for savoury snacks including western snacks and ethnic savouries (including gathiya) was estimated to be valued at ? 79,600 crores in Fiscal 2023 and is projected to grow at approximately 11% CAGR reaching ?1,21,700 crore by Fiscal 2027. Western snacks and ethnic savouries (including gathiya) were estimated to be contributing 51% and 49% of the Indian savoury snacks market, respectively. The organized market holds a market share of approximately 57% in Fiscal 2023 in the Indian savoury snacks industry and is forecasted to grow at an 11.7% CAGR during Fiscal 2023 to 2027, according to F&S Report in the DRHP.

Intensive Fiscal Services Private Limited, Axis Capital Limited, and JM Financial Limited, are the book-running lead managers, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

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