Ganesh Consumer Products Shares List At Discount To IPO Price, Lower Than GMP

Ganesh Consumer Products Ltd. made a poor entry to the stock market, listing at a discount of 8% over the IPO price. Shares opened at Rs 296.1 apiece on the NSE and Rs 295 on the BSE, compared to the issue price of Rs 322.

The latest grey market price also showed a discounted price of Rs 313.

The Ganesh Consumer Products IPO was subscribed 2.67 times last week, getting orders worth Rs 767 crore. Bids were led by Non-Institutional investors (4.34 times), followed by Institutional investors (4.18 times), portion reserved for employees (2.03 times), and retail investors (1.15 times).

The offer was a book-built issue of Rs 408.80 crore. It included a fresh issue of 0.4 crore shares worth Rs 130 crore and an offer for sale of 0.87 crore shares worth Rs 278.80 crore.

Ganesh Consumer Products plans to use around Rs 60 crore of the fresh issue 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.

The Kolkata-based company 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.

The company offers a range of consumer staples, including whole wheat flour, value-added flour products (maida, sooji, besan), packaged instant food mixes, spices, ethnic snacks, and ethnic flours like singhara and bajri flour.

The company’s flagship brand 'Ganesh' offers a wide range of products across multiple segments. Over the past three years, they launched 11 products and 94 SKUs, including spices, ethnic snacks, and sattu variants.