As the allotment of the Ganesh Consumer Products IPO concluded, investors’ attention shifted towards the potential listing gains of the stock, which is set to debut on the Indian stock market Monday, September 29.
The expected listing gains, gauged through the grey market, suggest that the stock might make a muted debut. According to market sources, the grey market premium (GMP) for the Ganesh Consumer Products IPO stands at ₹2 per share as of today. This indicates that Ganesh Consumer Products IPO shares are likely to list at the same level as the issue price or possibly at a discount.
The grey market premium represents the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it’s important to remember that GMP is a preliminary indicator and should not be the sole factor in making investment decisions.
Ganesh Consumer Products IPO details
The IPO, during its bidding period between September 18 and 22, received bids for 2.38 crore shares against an offer of 88 lakh shares, resulting in a subscription of 2.68 times.
The retail portion was booked 1.17 times, while the non-institutional investors (NII) witnessed strong demand, with their portion subscribed 4.41 times, and the qualified institutional buyers (QIBs) quota was bid 4.03 times. Finally, the employee portion was booked 2.14 times.
The ₹408.80 crore IPO of Ganesh Consumer Products comprises a fresh issue of 0.40 crore shares worth ₹130 crore and an offer for sale of 0.87 crore shares, amounting to ₹278.80 crore. The price band for the issue was set between ₹306 and 322 per share.
Ahead of the issue opening, marquee investor Ashish Kacholia-backed Bengal Finance invested in the anchor round. The company proposes to use the proceeds from the issue towards debt repayment, establish a new roasted gram flour and gram flour facility in Darjeeling, and meet general corporate requirements.
About Ganesh Consumer Products
Founded in 1936, Ganesh Consumer Products is a leading player in packaged staples. It is the third-largest packaged wheat flour brand by value in East India and the market leader in wheat-based derivatives such as maida, sooji, and dalia.
The company also ranks among the top two in gram-based products like sattu and besan, holding market shares of 43% and 5%, respectively. Its flagship “Ganesh” brand spans 42 products across 232 SKUs, covering atta, maida, sooji, dalia, sattu, besan, instant mixes, spices, and ethnic snacks.
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