Shares Of Ganesh Consumer Products To List At A Discounted Price? Check Latest GMP Ahead Of Market Debut

Ganesh Consumer Products Ltd.'s initial public offering (IPO) was subscribed 2.67 times on Wednesday. The allotment for the mainboard issue was finalised on Thursday.

Ahead of its listing on Monday, the unlisted shares of the company are in the news today after the latest grey market premium suggested a discounted listing for the Kolkata-based FMCG company.

Here's all the latest news surrounding the listing of Ganesh Consumer Products IPO.

The GMP for Ganesh Consumer Products was Rs -9 as of 8:30 a.m. ahead of the listing today. With a price band of Rs 322, the estimated listing price is Rs 313. This means the unlisted shares of Ganesh Consumer Products were trading at Rs 313 in the pricate market.

If the current GMP is sustained, shares of Ganesh Consumer Products Ltd. will list at a discounted price on BSE and NSE, with a discounted rate of 2.8% over the upper end of the IPO price of Rs 322.

Note: GMP does not represent official data and is based on speculation. GMP data as per InvestorGain.

Ganesh Consumer Products IPO is a book-built issue of Rs 408.80 crore. It includes a fresh issue of 0.40 crore shares worth Rs 130 crore. There is also an offer for sale of 0.87 crore shares worth Rs 278.80 crore.

The IPO price band was set between Rs 306 and Rs 322 per share. The lot size for each application was 46 shares.

DAM Capital Advisors Ltd. is the book-running lead manager for the IPO. MUFG Intime India Pvt. Ltd. is acting as the registrar for the issue.

Use Of Proceeds:

Ganesh Consumer Products plans to use around Rs 60 crore of the IPO proceeds toward prepayment or repayment of certain outstanding borrowings. Around Rs 45 crore is allocated for setting up a roasted gram flour and gram flour unit in West Bengal’s Darjeeling. The remaining funds will be used for general corporate purposes.

Ganesh Consumer Products, based in Kolkata, is a leading FMCG player with over 80 years in the food industry. It is East India's top brand in wheat-based products and has seven plants spread across cities such as Telangana, West Bengal and Uttar Pradesh.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.