Gopal Snacks zooms 8% after weak debut; should you buy, sell or hold?

Gopal Snacks share price: Gopal Snacks shares surged on Friday, March 15, a day after its weak market debut. The upward trend follows after Quant Mutual Fund bought 15.05 lakh equity shares in the Rajkot-based manufacturer of ethnic savouries at an average price of Rs 374.21 per share via open market transactions.

Gopal Snacks rose as much as 8.3 per cent to hit a high of Rs 392.85 on the NSE in morning deals. At 11:37 AM, the counter traded at Rs 375.85, up 3.63 per cent on the NSE.

Gopal Snacks share price target: Should you buy, sell or hold?

Zee Business Managing Editor Anil Singhvi earlier suggested long-term investors hold shares after listing.

Gopal Snacks IPO

The IPO of the snack maker, which produces a wide range of products, including 'gathiya', made a muted market debut with a discount of nearly 13 per cent. The stock was listed at Rs 350, down 12.71 per cent from the issue price of Rs 401, on the BSE. 

Gopal Snacks IPO subscription

Gopal Snacks IPO received bids for 10,81,08,746 shares against 1,19,79,993 shares on offer, translating into a subscription of 9.02 per cent on the final day of bidding.

The initial share sale had an offer for sale of up to Rs 650 crore. The IPO was entirely an OFS (offer for sale) of equity shares by promoters and other selling shareholders. The price range for the offer was Rs 381-401 a share. As of September 2023, the Namkeen makers' products were sold in 10 states and 2 union territories. It has a network of three depots and 617 distributors.

What does Gopal Snacks do?

Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering namkeen, western snacks, and other products across India and internationally.

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