Ganesh Consumer Products' Shares Tumble in Market Debut
Ganesh Consumer Products Ltd shares fell nearly 9% on their debut in the market. Priced at Rs 322 for the IPO, shares opened at Rs 295 on BSE and Rs 296.05 on NSE. The IPO, valued at Rs 409 crore, was oversubscribed by 2.67 times.
- Country:
- India
Shares of Ganesh Consumer Products Ltd, a notable company in the packaged food market in eastern India, saw a nearly 9% decline from the issue price of Rs 322 during its market debut.
On the Bombay Stock Exchange, the IPO opened at Rs 295, reflecting an 8.38% drop from its issue price, and concluded at Rs 293.95, marking an 8.71% decrease. Meanwhile, on the NSE, the stock opened at Rs 296.05 and closed at Rs 294.30, down by 8.60%.
The company's market valuation stood at Rs 1,187.94 crore post-debut. The IPO, aggregating Rs 409 crore, comprised both a fresh issue worth Rs 130 crore and an offer-for-sale valued at Rs 279 crore. A significant portion of the raised capital is earmarked for debt repayment and infrastructure expansion in Darjeeling.
(With inputs from agencies.)
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