Ashish Kacholia invests in Ganesh Consumer's Rs 122 crore anchor round ahead of IPO

Ganesh Consumer Products has raised about Rs 122 crore from anchor investors ahead of its IPO that opens on September 22. The FMCG company, best known for its wheat-based flour and packaged consumer products in eastern India, allocated shares at the upper end of the price band, Rs 322 per share, to a clutch of domestic and global funds.

According to the allocation document, marquee investors such as Ashish Kacholia-backed Bengal Finance, Subhkam Ventures cornered the largest slice of the anchor round. Each picked up 5.89 lakh shares. Together, the two entities account for more than 31% of the anchor proceeds.

Global institutions also marked their presence. Samsung India Small and Mid Cap Focus Securities Master Investment Trust (Equity) subscribed for 3.53 lakh shares, while Samsung India Securities Master Investment picked up 2.35 lakh shares.


Other overseas investors such as LC Pharos Multi Strategy Fund, Citigroup Global Markets Mauritius, and Singularity Equity Fund I also participated.

Domestic mutual funds and alternative investment vehicles rounded up the list. PGIM India Equity Growth Opportunities Fund Series II, Sanshi Fund I, Saint Capital Fund, Rajasthan Global Securities, and Dovetail India Fund Class 6 Shares together absorbed significant chunks of the offering.

IPO details

The Rs 409 crore IPO of Ganesh Consumer comprises a fresh issue of Rs 130 crore and an offer-for-sale (OFS) of Rs 278.8 crore.

The price band is fixed at Rs 306–322 per share with a minimum lot size of 46 shares, requiring a retail investment of Rs 14,812 at the upper end. The issue closes on September 24, with allotments scheduled for September 25 and listing expected on September 29.

The Kolkata-headquartered company has carved a niche in the eastern Indian market with its packaged atta, maida, sooji, and an expanding portfolio of spices and ethnic foods. Proceeds from the fresh issue will be used to repay debt and to fund a new manufacturing facility in Darjeeling, West Bengal.