Ahead of IPO, Ganesh Consumer Products raises Rs 122 cr from anchor investors

New Delhi, Sep 19 (PTI) Ganesh Consumer Products Ltd, a key player in packaged food products in eastern India, on Friday said it has raised over Rs 122 crore from anchor investors, ahead of its initial share-sale opening for public subscription.

Some of the institutions that participated in the anchor round included Subhkam Ventures, Bengal Finance and Investment, Saint Capital Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, and Rajasthan Global Securities, according to a circular uploaded on BSE's website.

The company has allotted 37.99 lakh equity shares to 14 funds at Rs 324 apiece, aggregating the transaction size to Rs 122.33 crore, it added.

The company's Rs 409 crore maiden public offering will be available for subscription from September 22 to 24. The price band has been fixed at Rs 306 to Rs 322 per share.

The IPO comprises 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 general corporate purposes.

Established in 1936, the company offers 42 products across staples, spices, ethnic snacks, and emerging food categories.

As of September 30, 2024, it has a distribution network covering over 70,000 retail outlets, modern trade stores, and e-commerce platforms. It operates seven manufacturing facilities across West Bengal, Uttar Pradesh, and Telangana. PTI SP SHW