Ganesh Consumer Products’ ₹409-crore initial public offering (IPO) opens today, priced within a range of ₹306 to ₹322 per share. The IPO will remain open until September 24, 2025, with a minimum order size set at 46 equity shares. The offering comprises a fresh issue of shares amounting to ₹130 crore, alongside an offer-for-sale (OFS) consisting of 86.58 lakh shares worth ₹279 crore, provided by the promoter and selling shareholders.
The proceeds from the IPO are allocated as follows: ₹60 crore for debt repayment, ₹45 crore for establishing a roasted gram flour and gram flour manufacturing unit in Darjeeling, and the remainder for general corporate purposes.
Ganesh Consumer Products Ltd has successfully raised over ₹122 crore from anchor investors by allotting 37.99 lakh equity shares at ₹324 per share. Notable institutions in this anchor round include Subhkam Ventures, Bengal Finance and Investment, Saint Capital Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, and Rajasthan Global Securities, as stated in a circular released on the BSE website.
The IPO structure reserves up to 50% of the shares for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and no less than 35% for retail investors.
Founded in 1936, Ganesh Consumer Products offers 42 different products across staples, spices, ethnic snacks, and emerging food categories. As of September 30, 2024, the company’s distribution network extends to over 70,000 retail outlets, modern trade stores, and e-commerce platforms. It operates seven manufacturing facilities across West Bengal, Uttar Pradesh, and Telangana.
Book-Running Lead Managers for the IPO include DAM Capital Advisors Ltd, IIFL Capital Services Ltd, and Motilal Oswal Investment Advisors, with MUFG Intime India Pvt Ltd serving as the registrar.
Brokers’ views
According to Anand Rathi, at the upper price band, the company is valued at a price-to-earnings ratio of 36.7x for FY25, resulting in a post-issue market capitalization of ₹13,012 million. The company’s strategy focuses on enhancing B2C operations, expanding market reach in existing areas, and penetrating new regions, particularly in West Bengal, Jharkhand, Bihar, Odisha, and Assam. Efforts to improve brand visibility in urban, semi-urban, and rural East India will include increased marketing and advertising initiatives. Given these factors, the IPO is deemed fully valued and is recommended as a “SUBSCRIBE – LONG TERM.”
Published on September 22, 2025.
