Ganesh Consumer Products IPO: FMCG company Ganesh Consumer Products is going to launch its IPO. The company has filed a draft paper for this with market regulator SEBI. This company was earlier known as Ganesh Grains. Through this IPO, the company’s investors Motilal Oswal Alternatives can sell their stake. Fresh equity shares worth Rs 130 crore will be issued under the IPO. Additionally, 1.24 crore shares will be sold by promoters and investors through Offer for Sale (OFS).
About Ganesh Consumer Products IPO
Promoter Manish Mimani and his wife Madhu Mimani will sell 30.91 lakh shares in the OFS. Additionally, India Business Excellence Fund II and IIA, owned by Motilal Oswal Alternates (Motilal Oswal Private Equity), will exit Ganesh Consumer by selling its entire stake of 93.5 lakh shares (25.71 per cent of pre-offer paid-up capital). Promoters hold 74.29 percent stake in the company. The Kolkata-headquartered company is likely to raise Rs 26 crore through a pre-IPO placement before filing the red herring prospectus with the Registrar of Companies.
The company, which competes with listed companies like Patanjali Foods, Adani Wilmar and Agro Tech Foods, will use the proceeds from the fresh issue to repay debt, set up a roasted chana flour and chana flour manufacturing unit in Darjeeling and for general corporate purposes. .
Ganesh Consumer Products Business
Ganesh Consumer Products claims to be the third largest brand of packaged whole wheat flour (atta) and the largest brand of wheat-based derivatives (maida, semolina, dalia) in East India in terms of value sold in FY24. The company has a market share of 41 percent in wheat-based products in West Bengal.
Ganesh Consumer Products has seen a slight decline in net profit in FY 2024, which has come down to Rs 27 crore from Rs 27.1 crore in the previous financial year. However, revenue increased by 24.3 per cent to Rs 759 crore from Rs 610.8 crore during the same period. Profit stood at Rs 13.4 crore on revenue of Rs 189.5 crore for the three months ending June 2024. DAM Capital Advisors, IIFL Capital Services and Motilal Oswal Investment Advisors are the merchant bankers to the public issue.
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