Ganesh Consumer IPO Subscribed 12% on Day 1

New Delhi, Sep 22 (PTI) The initial public offer of Ganesh Consumer Products Ltd, a key player in packaged food products in eastern India, received 12 per cent subscription on the first day of share sale on Monday.

The three-day IPO got bids for 10,36,288 shares against 89,12,228 shares on offer, according to data available with the NSE.

Retail Individual Investors (RIIs) quota garnered 20 per cent subscription, and the non-institutional investors category received 6 per cent subscription.

Ganesh Consumer Products Ltd on Friday said it has raised over Rs 122 crore from anchor investors.

The company's Rs 409 crore public offering will be available for subscription till September 24. The price band has been fixed at Rs 306 to Rs 322 per share.

The IPO has a fresh issue of equity shares worth up to Rs 130 crore and an offer-for-sale (OFS) of 86.58 lakh shares valued at Rs 279 crore at the upper end, by promoter and investor-selling shareholders.

Of the fresh issuance, Rs 60 crore will be utilised for payment of debt; Rs 45 crore for setting up a roasted gram flour and gram flour manufacturing unit in Darjeeling, and for general corporate purposes.

Established in 1936, the company offers 42 products across staples, spices, ethnic snacks, and emerging food categories.