Ganesh Consumer Products IPO Day 2: Subscriptions at 23% Led by Retail Interest

Kolkata, September 23, 2025 – The much-awaited IPO of Ganesh Consumer Products Limited (NSE: GANESHCVP) continued receiving bids from interested investors. At 02:40 PM, the issue was subscribed 0.23 times, and the bidding process will close on 24th September, 2025. Till now, the response from investors has been rather muted, and institutional bids are expected to kick in on the last day of bidding.

The company was founded in 2000 and is headquartered in Kolkata. It is an FMCG company and is best known for its packaged staples under the flagship brand ‘Ganesh’. The company is a leading player in wheat flour (atta) and has a dominant share in sattu (approximately 43% in the country), as well as a notable position in the besan range (5%). The company is supported by a distribution network spanning 70000+ retail outlets.

Subscription Status (as of September 23, 2025, 02:40 PM)

Anchor investors fully subscribed to their portion (1.0x), contributing ₹122.34 crore. However, QIBs showed no interest (0.00x), while the NII segment managed just 0.16x. Within NIIs, bNII bids were at 0.10 times and sNII at 0.28 times. Retail participation was also weak, with only 0.38 times the subscription, while employees subscribed 0.76 times their quota. Out of 88.96 lakh shares offered, bids were received for just 20.23 lakh shares, totaling ₹65.17 crore, signaling a subdued response from investors.

Financial Performance of the Company

Ganesh Consumer Products has reported steady growth over the past three years, with revenue rising from about ₹610 crore in FY 2023 to ₹759 crore in FY 2024 and further to ₹850 crore in FY 2025. Net profit remained flat at approximately ₹27 crore in FY 2023 and FY 2024, but improved to approximately ₹35 crore in FY 2025.

Margins were modest, slipping to ~3.6% in FY 2024 before recovering to ~4.2% in FY 2025. While the top line shows consistent expansion, profitability remains limited, reflecting cost pressures. Overall, the company demonstrates stable growth with gradual improvement in earnings.

Price-Wise Demand

Most bidding has been done around the cut-off price of ₹332 (around 11.58 lakh shares). Total bids decline gradually as price levels rise from ₹306 to ₹322, reflecting a cautious but price-sensitive retail participation.

Anchor Allocation

Before opening to the public, Ganesh Consumer raised ₹122.33 crore from anchor investors by allotting 37.99 lakh shares at ₹322 apiece. Major participants included Samsung India Small & Mid Cap Securities Master Trust, PGIM India, BNP Paribas, and Citigroup Global.

Lead Managers

DAM Capital Advisors Limited, IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited are managing Ganesh Consumer Products IPO .

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