Ganesh Consumer Products files DRHP with Sebi for IPO fundraising

Ganesh Consumer Products Ltd, an FMCG player in eastern India, on Friday said it has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) in the capital market.

The proposed IPO comprises a fresh issue of shares worth up to Rs 130 crore and an offer-for-sale (OFS) of up to 12.44 million equity shares by promoter and investors, according to filing documents, a company statement said.

The face value of each share is Rs 10.

The company may also consider a pre-IPO placement of equity shares worth up to Rs 26 crore, which will be adjusted against the fresh issue, it said.

Proceeds from the fresh issue will be utilised to prepay debt by Rs 50 crore and for capital expenditure for setting up a new manufacturing unit in Darjeeling, West Bengal at Rs 50 crore, and for general corporate purposes, the company stated.

Ganesh Consumer Products, established in 1936, is a market leader in packaged wheat-based products.

The company has a diversified portfolio of 42 products with 215 SKUs and operates through a distribution network spanning over 70,000 retail outlets, modern trade stores, and e-commerce platforms.

As of September, the company had seven manufacturing facilities across West Bengal, Uttar Pradesh and Telangana.