Ganesh Consumer Products IPO Sees 2.67x Subscription on Final Day
Ganesh Consumer Products Ltd's IPO was subscribed 2.67 times on its closing day. The offering raised over Rs 122 crore from anchor investors. The public offering consisted of equity shares and an offer-for-sale. Funds will pay off debt and expand manufacturing operations.
- Country:
- India
The initial public offer of Ganesh Consumer Products Ltd, a leading company in the packaged food sector in eastern India, was subscribed 2.67 times by the end of bidding on Wednesday. According to NSE data, the Rs 409-crore IPO attracted bids for 2,38,02,976 shares compared to the 89,12,228 shares available.
Non-Institutional Investors received significant interest, with their category getting subscribed 4.34 times, while the segment for Qualified Institutional Buyers was subscribed 4.18 times. The portion reserved for Retail Individual Investors saw a 1.15 times subscription.
Ganesh Consumer Products Ltd declared on Friday that they raised over Rs 122 crore from anchor investors. The total Rs 409 crore offering set a price band of Rs 306 to Rs 322 per share. It included a fresh issue of equity shares worth up to Rs 130 crore and an offer-for-sale of 86.58 lakh shares priced at Rs 279 crore at the upper end, presented by promoter and investor-selling shareholders. The fresh issuance aims to allocate Rs 60 crore to debt payment and Rs 45 crore for establishing a roasted gram flour manufacturing unit in Darjeeling.
(With inputs from agencies.)
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