Ganesh Consumer Products Limited, one of India's prominent FMCG companies dealing with wheat-based and gram-based flour products, is all set for its debut in the stock market with its Initial Public Offering (IPO) opened today i.e. September 22, 2025. The firm looks to raise ₹408.80 crore by a combination of fresh issue and Offer-For-Sale (OFS) by existing promoters and investors.
The IPO includes a new issue of 40 lakh equity shares amounting to ₹130 crore and an offer for sale (OFS) of 87 lakh shares amounting to ₹278.80 crore by early investors and promoters. The IPO price band is set between ₹306 and ₹322 per share. Retail investors must seek a minimum of 46 shares, which would cost around ₹14,800 at the higher price band. Shares of the company will be listed on both NSE and BSE, allotment will be made on September 25, 2025, and listing is scheduled tentatively on September 29, 2025.
On Day 1 of bidding, Ganesh Consumer Products IPO received a comparatively mild reaction, with an overall subscription of around 0.03 times according to NSE data. Retail Individual Investors (RIIs) had a subscription of around 0.06 times, Non-Institutional Investors (NIIs) subscribed 0.01 times, while eligible staff created some curiosity with a 0.12 times subscription. What is notable, though, is that Qualified Institutional Buyers (QIBs) did not bid actively on Day 1.
The grey market of Ganesh Consumer Products' stock displays a good mood with a GMP in the range of ₹10 to ₹12 per share, marking an estimated listing price of around ₹332, close to 3-4% over the upper IPO price band. This reflects a moderate degree of optimism amongst investors regarding the listing chances of the company, though the GMP has reduced from previous highs of ₹25 witnessed during the last week.
Kolkata-based Ganesh Consumer Products has a history dating back to 1936 and retails a wide portfolio of 42 products such as spices, staples, ethnic snacks, and other food items. The company has witnessed consistent growth with revenues growing from ₹765 crore in FY24 to ₹855 crore in FY25, and profit after tax growing 31% year-on-year to ₹35.43 crore. The FMCG sector is also a well-liked segment among investors, and timing the launch prior to the festive season could support demand for the IPO.
Although Ganesh Consumer Products IPO flagged off modestly on Day 1 with weak subscription, consistent GMP and robust fundamentals indicate potential for re-interest before the closure date on September 24, 2025. Investors observing FMCG shares with good regional coverage and consistent growth may look at this IPO as a consideration, particularly considering the favourable grey market premium and near festive season push.
