Ganesh Consumer Products' shares end nearly 9 pc lower in debut trade

New Delhi, Sep 29 (PTI) Shares of Ganesh Consumer Products Ltd, a key player in packaged food products in eastern India, on Monday ended with a discount of nearly 9 per cent against the issue price of Rs 322.

The company's stock made its market debut at Rs 295, a decline of 8.38 per cent from the issue price on the BSE. Shares of the firm ended at Rs 293.95, a decline of 8.71 per cent.

At the NSE, the stock started trading at Rs 296.05, down 8 per cent. It ended at Rs 294.30, lower by 8.60 per cent.

The company's market valuation stood at Rs 1,187.94 crore.

The initial public offering (IPO) of Ganesh Consumer Products Ltd got subscribed 2.67 times on the closing day of bidding last Wednesday.

The Rs 409-crore IPO had a price band of Rs 306-322 per share.

The IPO had 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 for general corporate purposes.

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