The Rs 409 crore IPO comprised a fresh issue of Rs 130 crore and an offer for sale (OFS) of Rs 278.80 crore. The issue was priced in the band of Rs 306–322 per share and closed on September 24. Ahead of the offer, the company raised Rs 122 crore from anchor investors, who were allotted 37.99 lakh shares at Rs 322 apiece.
Subscription demand
The IPO received 2.68 times overall subscription, indicating moderate investor appetite. Qualified institutional buyers (QIBs) subscribed their portion 4.03 times, while non-institutional investors (NIIs) subscribed 4.41 times. Retail participation, however, was subdued at just 1.17 times, underlining the hesitation among small investors.
Business profile
Ganesh Consumer Products, headquartered in Kolkata, is a prominent FMCG brand in eastern India, known for its wheat-based derivatives such as atta, maida, sooji, dalia and sattu.
The company has also diversified into packaged instant mixes, spices and ethnic snacks. Its distribution network includes 28 C&F agents, nine super stockists and nearly 1,000 distributors, catering to over 2,100 pharmacies, retailers and HoReCa businesses across four states.Its revenue model is primarily driven by its business-to-consumer (B2C) segment, contributing 76.98% of total revenues in fiscal 2025. The rest of the revenues come from business-to-business (B2B) operations supplying products through brokers to other FMCG companies, HoReCa businesses, small retailers, and by-product sales
such as wheat bran and chana chunni used as cattle feed.
Financially, the company reported revenues of Rs 855.16 crore in FY25, up 12% from the previous year. Profit after tax rose 31% to Rs 35.43 crore in the same period. Despite steady top-line growth, Ganesh Consumer Products operates in a high-volume, low-margin segment, with FY25 EBITDA margin at 8.61% and PAT margin at 4.17%.
Use of funds and outlook
The company plans to deploy the fresh issue proceeds towards repaying borrowings (Rs 60 crore), setting up a new gram flour manufacturing unit in Darjeeling (Rs 45 crore), and general corporate purposes.
With the stock trading at a negative GMP, the debut could disappoint short-term investors. However, long-term prospects will depend on the company’s ability to expand its brand portfolio and sustain profitability in a crowded FMCG market.
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