Ganesh Consumer Products Faces Bumpy Market Entry With Discounted Debut
Ganesh Consumer Products Ltd, a major player in eastern India's packaged food sector, debuted its stocks on Monday with an 8.38% discount from the issue price. The company aims to utilize the IPO funds for debt payment and business expansion, despite a lukewarm market reception.
- Country:
- India
Shares of Ganesh Consumer Products Ltd opened with a significant discount during its stock market debut on Monday. An 8.38% drop from its issue price of Rs 322 was noted on the BSE, with shares starting at Rs 295.
Trading at the NSE mirrored this trend, with the stock priced at Rs 296.05, marking an 8% decline. The company's market valuation stood at Rs 1,226.33 crore despite being subscribed 2.67 times at the closing of the IPO bidding.
The Rs 409-crore IPO included a fresh equity share issue worth Rs 130 crore and an offer-for-sale by promoters. Funds raised will address debt repayment and the establishment of a new production facility in Darjeeling.
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