Ganesh Consumer shares settled 9 percent lower on its debut day on September 29 at Rs 291.65 per share on the NSE. The stock concluded the day's trade 1.49 percent lower from its listing price.
The company's shares made a weak stock market debut to list at a discount to its IPO price, after the issue fetched 2.67 times subscription to Rs 408.8-crore issue in the primary market between September 22-24.
Shares of Ganesh Consumer were listed at Rs 296.05 per share on the NSE, a discount of 8.06 percent. The company had set a price band of Rs 306-322 per share.
On the BSE, the shares of the company were listed at Rs 295 per share with a discount of 8.39 percent. The company's market capitalization post listing of shares stood at Rs 1,192.18 crore.
Earlier, it raised over Rs 122 crore from anchor investors.
Of the fresh issuance, Rs 60 crore will be utilised for payment of debt; Rs 45 crore for setting up a roasted gram flour and gram flour manufacturing unit in Darjeeling, and for general corporate purposes.
Established in 1936, the company offers 42 products across staples, spices, ethnic snacks, and emerging food categories.
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