Ganesh Consumer Products Ltd Rises Over Rs 122 Crore Ahead of IPO

Ganesh Consumer Products Ltd, a major player in eastern India's packaged food sector, has successfully raised over Rs 122 crore from anchor investors just ahead of its initial public offering (IPO). The company plans to open its IPO for public subscription from September 22 to 24, with a price band of Rs 306 to Rs 322 per share.

In preparation for its Rs 409 crore debut public offering, Ganesh Consumer Products has allocated 37.99 lakh equity shares to 14 funds at Rs 324 each. Notable participants in the anchor round include Subhkam Ventures, Bengal Finance and Investment, and Citigroup Global Markets Mauritius.

The IPO consists of a fresh issue of shares valued up to Rs 130 crore and an offer-for-sale comprising 86.58 lakh shares worth Rs 279 crore at the upper price range. The company intends to utilize Rs 60 crore for debt repayment, Rs 45 crore for establishing a gram flour manufacturing unit in Darjeeling, and the remaining funds for general corporate purposes.