IPO Go-Ahead: Gopal Snacks, 2 Others Get Sebi’s Approval For Initial Public Offering

Gopal Snacks, Dee Development Engineers and SRM Contractors received Sebi’s go-ahead

Upcoming IPO 2024: In a significant stride towards their growth trajectories, Gopal Snacks Ltd, Dee Development Engineers and SRM Contractors have been granted the green light by the Securities and Exchange Board of India (Sebi) to embark on their initial public offering (IPO) ventures.

The trio, representing diverse sectors ranging from fast-moving consumer goods to engineering and construction, have navigated the regulatory landscape and received Sebi’s observations.

In Sebi’s parlance, receiving observations from the regulator means its go-ahead to float the maiden public issue.

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Gopal Snacks IPO

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

According to the draft red herring prospectus (DRHP), Gopal Snacks’ proposed issue is entirely an Offer For Sale (OFS) of equity shares worth Rs 650 crore by promoters and other selling shareholders.

The OFS comprises sale of shares worth up to Rs 100 crore by Bipinbhai Vithalbhai Hadvani, up to Rs 540 crore by Gopal Agriproducts Pvt Ltd and up to Rs 10 crore by Harsh Sureshkumar Shah.

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Dee Development Engineers IPO

The initial share-sale of Dee Development Engineers is a combination of fresh issuance of equity shares worth Rs 325 crore and an OFS of 79 lakh equity shares by promoter Krishan Lalit Bansal, according to the draft papers.

Funds mopped up through the fresh issue will be used for payment of debt, supporting working capital requirements and general corporate purposes.

Dee Development is an engineering company providing specialised process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement, and manufacturing.

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SRM Contractors IPO

The proposed maiden public issue of SRM Contractors is entirely a fresh issue of 62 lakh equity shares, as per the draft papers.

Proceeds of the issue will be used to purchase machinery, support working capital requirements, invest in joint venture projects, pay debt and for general corporate purposes.

SRM Contractors is an engineering construction and development company engaged primarily in construction of roads (including bridges), tunnels, slope stabilisation works and other miscellaneous civil construction activities in Union Territories of Jammu & Kashmir and Ladakh.

(With PTI inputs)

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