Gopal Snacks debut with 13% cut

New Delhi: Shares of Gopal Snacks Ltd on Thursday made their market debut with a discount of nearly 13 per cent against the issue price of Rs 401. The stock listed at Rs350, down 12.71 per cent from the issue price on the BSE. It further tanked 14.71 per cent to Rs342. At the NSE, shares of the company started the trade at Rs351, a discount of 12.46 per cent. The company commanded a market valuation of Rs4,791.66 crore. The Initial Public Offer (IPO) of Gopal Snacks received 9.02 times subscription on Monday, the last day of bidding. The initial share sale had an offer for sale of up to Rs650 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 at Rs 381-401 a share.