Ganesh Consumer IPO Subscribed 2.67 Times

New Delhi, Sep 24 (PTI) The initial public offer of Ganesh Consumer Products Ltd, a key player in packaged food products in eastern India, got subscribed 2.67 times on the closing day of bidding on Wednesday.

The Rs 409-crore IPO received bids for 2,38,02,976 shares against 89,12,228 shares on offer, as per NSE data.

Non-Institutional Investors received 4.34 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 4.18 times. The category for Retail Individual Investors (RIIs) attracted 1.15 times 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 has a price band of 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.