IPO progress: Gopal Snacks and two others get Sebi approval for IPO

Upcoming IPOs in 2024: Gopal Snacks Ltd, Dee Development Engineers and SRM Contractors have taken a big step towards their growth trajectory by getting approval from the Securities and Exchange Board of India (Sebi) to commence their initial public offering (IPO) business.

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The trio, who represent diverse industries ranging from FMCG to engineering and construction, have understood the regulatory environment and been on the receiving end of Sebi’s observations.

In Sebi’s words, receiving the regulator’s opinion means it can issue an IPO on the issue.

Gopal Snacks IPO

Founded in 1999, Gopal Snacks is an Indian FMCG company that offers ‘namkeen’, western snacks and other products across India.

According to the draft red herring prospectus (DRHP), the proposed issue by Gopal Snacks is entirely an offer for sale (OFS) worth Rs 650 crore from the promoters and other selling shareholders.

OFS include Bipinbhai Vithalbhai Hadvani selling shares worth up to Rs 100 crore, Gopal Agriproducts Pvt Ltd selling shares worth up to Rs 540 crore and Harsh Sureshkumar Shah selling shares worth up to Rs 10 crore.

Dee Development Engineers IPO

Dee Development Engineers’ maiden share sale includes freshly issued shares worth Rs 325 crore and 7.9 million OFS shares issued by promoter Krishan Lalit Bansal, according to the draft filing.

The funds raised through the new issue will be used to repay debt, support working capital requirements and general corporate purposes.

Dee Development is an engineering company that provides specialist process piping solutions through engineering, procurement and fabrication to industries including oil and gas, power (including nuclear), chemicals and other process industries.

SRM Contractors IPO

SRM Contractors’ proposed initial public offering consists entirely of 6.2 million new shares, according to draft documents.

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

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

(with PTI input)