Patanjali Rival Ganesh Consumer IPO To Open On Sept 22: Price Band Fixed
Ganesh Consumer Products' IPO comprises an OFS component of 1.24 crore shares and fresh issue worth Rs 130 crore.
Ganesh Consumer Products Ltd. that will open for subscription on Sept. 22 has fixed its price band of Rs 306-322 per share for its initial public offering. The FMCG firm aims to raise Rs 408 crore in the combination of fresh issue and offer for sale for promoters.
The issue will open for subscription on Sept. 22 and will close on Sept. 24, the company said on Wednesday.
The IPO comprises a fresh issue of shares worth Rs 130 crore and an offer-for-sale component consisting of 1.24 crore shares of Rs 10 face value each. The OFS size in monetary terms, as well as the overall issue size, was not mentioned in the draft red herring prospectus.
Manish Mimani and Madhu Mimani will be among the promoters selling their shares through the OFS, according to the DRHP.
DAM Capital Advisors Ltd., IIFL Capital Services Ltd., and Motilal Oswal Investment Advisors Ltd. are the book running lead managers, and Link Intime India Private Ltd. is the registrar of the offer.
The equity shares are proposed to be listed on both the main bourses, the BSE and the National Stock Exchange.
Net proceeds from the fresh issue of shares will be utilised for repayment of borrowings, for funding capital expenditure for the setting up of a roasted gram flour and gram flour manufacturing unit in West Bengal's Darjeeling, and for general corporate purposes.
Ganesh Consumer is a fast-moving consumer goods company headquartered in Kolkata. It is one of the largest brands of packaged whole wheat flour (atta) and wheat-based derivatives (maida, sooji, dalia) in East India, based on value of items sold in fiscal 2024, according to reports. Additionally, the company is also one of the top players in the packaged sattu and besan markets in East India.
As of Sept. 30, 2024, the company had a diverse product portfolio consisting of 42 products across various categories.
Ganesh Consumer offers a wide range of consumer staples, including packaged instant food mixes (e.g., khaman dhokla, bela kachori), spices , ethnic snacks (e.g., bhujia, chanachur), and ethnic flours (e.g., singhara flour, bajri flour).
