Rajkot: 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 (Other Selling Shareholder). The offer also includes a reservation for subscription by eligible employees.

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.

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.