Ganesh Consumer Products IPO Day 2: Check latest GMP, key details

Ganesh Consumer Products IPO Day 2

The initial public offering of Ganesh Consumer Products will continue accepting bids on its second day of subscription on September 23. The maiden public issue of the company saw muted investor interest on its first day of public bidding.

The IPO comprises a mix of fresh issue and an offer for sale, and will remain open for public bidding till September 24.

The Rs 409-crore IPO was subscribed 12 percent on its first day of public bidding. Retail investors have booked 20 percent of their reserved portion, while Non Institutional Investors (NII) subscribed 6 percent of the portion kept for them. Qualified Institutional Buyers (QIB) are yet to make any substantial bid for the IPO.

The public issue received bids for more than 10.36 lakh shares, as against the offer size of over 89 lakh shares, according to data on NSE on September 22.

The Kolkata-based FMCG company moved to the capital markets to raise Rs 408.80 crore through a fresh issue of shares worth Rs 130 crore, and an offer for sale (OFS) of shares worth Rs 278.8 crore by the existing promoters at a price band of Rs 306-322 per share.

Investors can bid for a minimum of 46 shares, requiring an investment of Rs 14,812 at the upper price band, and in multiples thereafter. The allotments will likely be finalized by September 25, and the shares are scheduled to be listed on stock exchanges on September 29.

DAM Capital Advisors, IIFL Capital Services, and Motilal Oswal Investment Advisors are merchant bankers managing the Ganesh Consumer Products IPO.

Ahead of listing, the unlisted shares of the company were trading with around 3 percent grey markets premium (GMP) over the IPO price, according to data on Investorgain as seen at around 8 am. The GMP quoted by the site has fallen from the 8 percent cited last week.

According to IPO Watch, the unlisted shares of the company were trading with nearly 3 percent GMP.

Before the IPO opened for public bidding, Ganesh Consumer Products said that it has offloaded shares worth Rs 122.3 crore through its anchor book on September 19. In its exchange filing, the company said that it has finalized the allocation of nearly 38 lakh shares to 13 anchor investors including PGIM India, LC Pharos Multi Strategy Fund, Saint Capital Fund, Citigroup Global Markets, BNP Paribas Financial Markets, Subhkam Ventures and Bengal Finance at the upper price band.

Subhkam Ventures, Bengal Finance, and Samsung India were the largest investors in the anchor book, each investing Rs 18.98 crore each for 5.89 lakh shares each, while ace investor Madhusudan Kela-backed Singularity Equity Fund, along with Sanshi Fund, PGIM India, LC Pharos Multi Strategy Fund acquired 2.74 lakh shares each for Rs 8.84 crore.

The company that produces consumer staples like wheat flour, maida, sooji and dalia, along with packaged instant food mixes, spices, and ethnic snacks, plans to spend Rs 60 crore of the fresh issue proceeds for repayment of certain borrowings.

Further, Rs 45 crore will be used for setting up of a roasted gram flour and gram flour manufacturing unit in West Bengal’s Darjeeling, and the remaining amount will be set aside for general corporate purposes.

Ganesh Consumer Products has recorded profit at Rs 35.4 crore for the fiscal 2025, growing 31.3 percent compared to Rs 27 crore in the previous year. Revenue during the same period increased by 12 percent to Rs 850.5 crore, up from Rs 759 crore.

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