Atlanta Electricals, Ganesh CP: 2 IPOs to list today; check latest GMP before market debut

Two new companies- Atlanta Electricals and Ganesh Consumer Products- are set to make their Dalal Street debut on Monday, September 29. However, both the companies are hinting at mixed performance at debut for the investors, if one goes by the latest grey market premium (GMP) signals. Both the issues were open for bidding between September 22-24 and will be listed on both BSE and NSE.
 

Atlanta Electricals
Shares of Atlanta Electricals are likely to deliver a listing pop of 15 per cent for the investors considering its latest grey market premium of Rs 112-115 per share. However, the grey market premium stood around Rs 135 per share, when the issue was running for the bidding.

Atlanta Electricals offered its shares in the price band of Rs 718-754 per share with a lot size of 19 shares. It raised a total of Rs 687.34 crore from its IPO, which included a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 38,10,895 shares. The issue was overall subscribed a solid 70.63 times, fetching more than 17.08 lakh applications and bids worth Rs 34,800 crore.

Incorporated in December 1988, Anand, Gujarat-based Atlanta Electricals manufactures power, auto and inverter duty transformers in India. Motilal Oswal Investment Advisors and Axis Capital were the book running lead managers for Atlanta Electricals IPO and MUFG Intime India served as the registrar of the issue.
 

Ganesh Consumer Products
The grey market premium (GMP) of Ganesh Consumer Products has dropped sharply, following a muted bidding and volatile market sentiments. Last heard, the company was trading at a discount of only Rs 9-10 per share in the unofficial market, suggesting a negative listing of 2-3 per cent for the investors. The GMP stood at Rs 10-12 when the issue had opened for bidding.

The IPO of Ambala-based Ganesh Consumer Products was sold in the range Rs 306-322 apiece with a lot size of 46 shares. It raised a total of Rs 408.80 crore via IPO, which included a fresh share sale of Rs 130 crore and offer-for-sale (OFS) of up to 86,58,333 shares worth Rs 278.80 crore. The issue was overall subscribed only 2.67 times, fetching nearly 80,000 applications.

Kolkata-based Ganesh Consumer Products, incorporated in 2000, is a FMCG company, a brand of wheat-based derivatives (maida, sooji, dalia) in East India. DAM Capital Advisors, IIFL Capital Services and Motilal Oswal Investment Advisors were the book running lead managers for the IPO of Ganesh Consumer Products, while MUFG Intime India was the registrar of the issue.