Gopal Snacks Ltd IPO

Gopal Snacks Limited was initially formed as a partnership firm as Gopal Gruh Udhyog at Rajkot, India with effect from April 1, 1999. The partnership firm was registered under the Partnership Act, 1932 with the Registrar of Firms, Rajkot Division, Rajkot on October 19, 2006. The name of the partnership firm was changed to Gopal Snacks with effect from November 23, 2009, and the same was recorded by the Registrar of Firms, Rajkot Division, Rajkot on November 30, 2009. The partnership firm was subsequently converted into a joint stock company and registered as a private limited company under the Companies Act, 1956 under the name Gopal Snacks Private Limited pursuant to a certificate of incorporation dated December 7, 2009, issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Subsequently, the Company was converted into a public limited company pursuant to a special resolution passed by the Shareholders in its EGM held on March 15, 2023, following which the name of the Company was changed to Gopal Snacks Limited, and the Registrar of Companies, Gujarat at Ahmedabad (RoC) issued a fresh certificate of incorporation on March 31, 2023.

The Indian packaged food industry was valued at Rs. 2,972 billion in 2018 and stood at Rs. 4,622 billion in 2023 and would reach a market value of Rs. 6,767 billion by 2027. Indian market for savoury snacks including western snacks and ethnic savouries (including gathiya) was estimated to be valued at Rs. 796 billion in Fiscal 2023 and is projected to grow at an approximately 11% CAGR reaching Rs. 1,217 billion 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 a 11.7% CAGR during Fiscal 2023 to 2027.

Gopal Snacks Limited is a fast-moving consumer goods company in India with a major presence in Gujarat, offering a wide variety of savoury products under its brand `Gopal', including ethnic snacks such as namkeen and gathiya, western snacks such as wafers, snack pellets and extruder snacks, along with fast-moving consumer goods that include papad, spices, gram flour or besan, noodles, rusk and soan papdi which are semi-perishable in nature. As of September 30, 2023, its product portfolio comprised 84 products with 276 SKUs across its various product categories. As of the date of this Red Herring Prospectus, the company operates six manufacturing facilities comprising three primary manufacturing facilities and three ancillary manufacturing facilities in India. Its three primary manufacturing facilities are located at Nagpur, Maharashtra; Rajkot, Gujarat; and Modasa, Gujarat and these facilities primarily focus on the manufacturing of its finished products. Its three ancillary manufacturing facilities primarily focus on producing besan or gram flour, raw snack pellets, seasoning and spices which are primarily used for captive consumption in the manufacturing of finished products such as gathiya, namkeen and snack pellets. Of the three ancillary manufacturing facilities, two ancillary manufacturing facilities are located at Rajkot, Gujarat and one ancillary manufacturing facility is located at Modasa, Gujarat.