Ganesh Consumer Products IPO Day 3: Check GMP, subscription status. Should you apply?

Ganesh Consumer Products IPO: Ganesh Consumer Products, one of the leading packaged food companies in East India, launched its IPO on September 22, making today, September 24, the last day of bidding.

The ₹409 crore IPO is priced in the range of ₹306-322 apiece. Ahead of the issue opening, marquee investor Ashish Kacholia-backed Bengal Finance invested in the anchor round.

Ganesh Consumer Products IPO Subscription

By the end of Day 3, the issue was subscribed 2.67 times. It received bids for 2.37 crore shares as against 88.96 lakh on offer. The retail portion was booked 1.16 times, while the non-institutional investors (NII) category was bid 4.41 times, and the qualified institutional buyers (QIBs) quota was bid 4.03 times. Finally, the employee portion was booked 2.14 times.

Ganesh Consumer Products IPO GMP

Ganesh Consumer Products IPO is witnessing decent interest in the grey market, with a grey market premium (GMP) of ₹9. This suggests that the shares are trading ₹9 above the issue price.

At the current Ganesh Consumer Products IPO GMP, the stock is expected to list near ₹331, which would be about 2.80 per cent higher than the upper end of the price band set at ₹322.

About Ganesh Consumer Products IPO

The ₹408.80 crore IPO of Ganesh Consumer Products comprises a fresh issue of 0.40 crore shares worth ₹130.00 crore and an offer for sale of 0.87 crore shares, amounting to ₹278.80 crore.

Investors can apply for the IPO in lots of 46 shares. Retail investors must apply for at least one lot, requiring a minimum investment of ₹14,812 at the upper price band. The issue also includes a reservation of up to 34,247 shares for employees at a discount of ₹30 per share.

The allotment of shares is expected on September 25, 2025, with the listing scheduled on BSE and NSE on September 29, 2025. Dam Capital Advisors Ltd. is acting as the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar.

Proceeds from the fresh issue will be used to repay debt, establish a new roasted gram flour and gram flour facility in Darjeeling, and meet general corporate requirements.

Headquartered in Kolkata, Ganesh Consumer Products is a leading player in packaged staples. It is the third-largest packaged wheat flour brand by value in East India and the market leader in wheat-based derivatives such as maida, sooji, and dalia. The company also ranks among the top two in gram-based products like sattu and besan, holding market shares of 43% and 5% respectively. Its flagship “Ganesh” brand spans 42 products across 232 SKUs, covering atta, maida, sooji, dalia, sattu, besan, instant mixes, spices, and ethnic snacks.

Ganesh Consumer Products IPO: Apply or not?

Anand Rathi Research has given a Subscribe – Long Term rating to the IPO, highlighting the company’s strong regional presence, leadership in key product categories, wide distribution network, and strategic push in B2C operations as key positives. The brokerage noted that while the issue appears fully valued, the company’s positioning and growth strategy offer long-term potential.

At the upper price band, the company is valued at 36.7 times FY25 earnings, translating to a post-issue market capitalisation of ₹13,012 million. Anand Rathi pointed out that the company’s strategy is centered on strengthening B2C operations, expanding its footprint in existing markets, and entering new territories with a particular focus on West Bengal, Jharkhand, Bihar, Odisha, and Assam.

The report added that the company also plans to boost brand visibility across urban, semi-urban, and rural areas of East India through increased marketing and advertising. Furthermore, it is diversifying into new product categories such as spices and snacks, leveraging strong brand recall in its core markets.

Considering these factors, Anand Rathi Research reiterated its Subscribe – Long Term recommendation for the issue.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.