Ganesh Infraworld IPO GMP soars 90% on final day; Subscription nears 155x

Ganesh Infraworld shares will be listed on December 6.

Ganesh Infraworld initial public offer (IPO) concludes for public subscription on December 3. The SME issue was subscribed nearly 155 times on the last day of bidding till 3.30 PM.

The share listing is scheduled to take place on Friday, December 6, while allotment is likely due tomorrow. Meanwhile, the shares of the company are commanding a high grey market premium in the unofficial market.

According to market observers tracking the grey market activities, the shares of Ganesh Infraworld are commanding nearly 90 percent GMP in the unofficial market. Investgorgain quoted a GMP of Rs 73 over the upper price band of the shares of the company, indicating a listing gain of 87.95 percent.

Until last week, the shares were trading at a GMP of around 42 percent.

Grey market premium is one of the key indicators of market sentiment surrounding an IPO. The nearly 90 percent GMP indicates positive market outlook on the company's potential growth and value appreciation.

The West Bengal-based company offers construction and allied services for industrial civil projects, residential & commercial buildings, road, railway infrastructure, power and water distribution projects, specialising in engineering, procurement, and construction (EPC) services. It has an order book of Rs 574.9 crore as of August 31, comprising 41 ongoing projects.

Ganesh Infraworld intends to spend Rs 70 crore out of the net issue proceeds for its working capital requirements; and the remainder for general corporate purposes. It will use Rs 40 crore in current financial year and Rs 30 crore in next fiscal 2026 for its working capital.

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