Ganesh Consumer Products IPO off to a slow start; GMP remains positive

Ganesh Consumer Products IPO has received bids for 3,43,252 shares against the 89,12,228 shares on offer, translating to a subscription of just 4 per cent

Ganesh Consumer Products IPO subscription status: The initial public offering of fast-moving consumer goods (FMCG) company, which opened for public subscription today, September 22, has received a subdued response from investors so far.

 

According to NSE data, by around 11:14 AM on Monday, Ganesh Consumer Products IPO had received bids for 3,43,252 shares against the 89,12,228 shares on offer, translating to a subscription of just 4 per cent. Retail investors have subscribed 7 per cent, while non-institutional investors (NIIs) have subscribed 2 per cent of the public issue.

 

However, the IPO has seen minimal interest from Qualified institutional buyers (QIBs), who have not placed any bids so far.

Ganesh Consumer Products IPO GMP

In the grey market, the premium for Ganesh Consumer Products’ unlisted shares has been on a steady decline. The company's shares were trading at ₹332, reflecting a grey market premium (GMP) of ₹10 per share or 3.11 per cent, against the upper end of the IPO price of ₹322.

Ganesh Consumer Products IPO details

The company seeks to raise ₹408.80 crore from the public offering, which comprises a fresh issue of 4 million equity shares worth ₹130 per share, and an offer for sale of 8.7 million equity shares worth ₹278.80 crore.

 

Ganesh Consumer Products has set the IPO price band at ₹306–342, with a lot size of 46 shares. Investors can bid for a minimum of 46 shares and in multiples thereof.

 

A retail investor would require ₹14,812 to bid for one lot of Ganesh Consumer Products IPO, and ₹1,92,556 is required to bid for a maximum of 13 lots or 598 shares.

Ganesh Consumer Products IPO review

Analysts at Anand Rathi research team have recommended subscribing to the issue for the long term, citing that the public issue appears fully priced. At the upper price band, the company is valued at 36.7x FY25 P/E, translating to a post-issue market capitalisation of ₹13,012 million.

 

"Its strategy centers on strengthening B2C operations, expanding reach in existing markets, and driving growth in new regions, with the current core focus on West Bengal, Jharkhand, Bihar, Odisha, and Assam. The company also aims to enhance brand visibility across urban, semi-urban, and rural East India through intensified marketing and advertising initiatives. Given these factors, the IPO appears fully valued and is recommended as a “SUBSCRIBE – LONG TERM,” said the analysts in a research note.

About Ganesh Consumer Products

Ganesh Consumer Products Limited is an FMCG company headquartered in Kolkata, West Bengal, and in terms of value sold in Fiscal 2025, they are the third-largest brand of packaged whole wheat flour (atta) and the largest brand in wheat-based derivatives (maida, sooji, dalia) in East India. In East India, in terms of value for Fiscal 2025, they are also one of the top two players for packaged sattu and besan (which are gram-based flour products), with a share of 43.4 per cent (sattu) and 4.9 per cent (besan) in the East India market for respective products, with a growing presence in various consumer staple categories such as spices and ethnic snacks.