Ganga Bath Fittings IPO Gets 54% Subscription Applications By Thursday Morning

Mumbai, June 5, 2025: The initial public offering (IPO) of Ganga Bath Fittings, a small and medium enterprise (SME) in the bathroom accessories sector, experienced a tepid response on the first day of bidding, with subscription levels reaching only 54% by Thursday morning.

Data from the National Stock Exchange (NSE) shows that the IPO received bids for 36.3 lakh shares, against a total offer of 66.63 lakh shares. The public issue, which opened on June 4, is scheduled to close on Friday, June 6.

IPO Details and Planned Use of Funds

Ganga Bath Fittings aims to raise ₹32.65 crore through a fresh issue of 66.6 lakh equity shares, with no offer-for-sale (OFS) shares included in this offering. The price band for the IPO has been fixed between ₹46 and ₹49 per share. Retail investors must invest a minimum amount of ₹1,38,000 for one lot of 3,000 shares, while high-net-worth individuals (HNIs) are required to invest at least ₹2,94,000 for two lots.

The company plans to allocate the proceeds from the issue as follows:

• ₹20.13 crore towards the purchase of machinery and equipment
• ₹5.32 crore for repayment or prepayment of existing loans
• ₹2.7 crore to meet working capital requirements
• The balance amount will be utilised for general corporate purposes

Allotment and Listing Schedule

The basis of allotment is expected to be finalised by Monday, June 9, 2025. Subsequently, the shares are set to be listed on the NSE SME platform on Wednesday, June 11, 2025. Kfin Technologies is the registrar for the IPO, while Jawa Capital Services acts as the sole book-running lead manager.

Grey Market Insights (Unverified)

Despite the moderate subscription rate, market observers report that unlisted shares of Ganga Bath Fittings have been trading in the grey market at ₹52.5, suggesting an unofficial premium of ₹3.5, or approximately 7%, above the upper price band. It is important to note that Grey Market Premiums (GMPs) are informal and unregulated, and should not be relied upon for making investment decisions.

Company Background

Established in 2018, Ganga Bath Fittings is engaged in the manufacturing of a diverse range of bathroom accessories, including CP taps, showers, vanities, sanitary ware, and customised components. The company serves its customers through an extensive distribution network comprising over 2,500 distributors spread across India.

Outlook and Next Steps

The basis of allotment for the IPO is expected by June 9, with shares slated for listing on the NSE SME platform by June 11, 2025. The company is managed by Jawa Capital Services as the sole book-running lead manager and by Kfin Technologies as the registrar.

Going forward, investors will closely watch the company’s quarterly performance and how effectively it utilises the IPO proceeds, especially machinery upgrades and debt reduction. With growing demand in the housing sector and infrastructural development, Ganga Bath Fittings could see a significant expansion in revenue streams if it sustains operational efficiency.

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations