Ganesh Consumer Products IPO: A Flavorful Investment Opportunity
Ganesh Consumer Products Ltd's IPO received a 12% subscription on its first day. The offering includes fresh equity shares and a significant offer-for-sale component aimed at reducing debt and expanding production capabilities. The IPO, open until September 24, is set at a price band of Rs 306-322 per share.
- Country:
- India
The initial public offering of Ganesh Consumer Products Ltd kicked off with a 12% subscription rate on its first day. The eastern India-based packaged food company received bids for over 10 lakh shares against the nearly 89 lakh shares on offer, according to NSE data.
Breaking down the subscription data, Retail Individual Investors (RIIs) accounted for 20%, while non-institutional investors made up 6% of the share bids. Notably, Ganesh Consumer Products Ltd had already secured over Rs 122 crore from anchor investors before the IPO officially opened.
The public offering totals Rs 409 crore, consisting of fresh equity shares worth up to Rs 130 crore and an offer-for-sale of 86.58 lakh shares, valued at Rs 279 crore at the upper price band. The funds will help pay down Rs 60 crore in debt and establish a new manufacturing unit for roasted gram flour and gram flour in Darjeeling. The IPO remains open until September 24, with shares priced between Rs 306 and Rs 322 each.
(With inputs from agencies.)
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