Ganga Bath Fittings IPO Opens June 4: Price Band Set at ₹46–₹49
By Ankur Chandra | Updated at: May 31, 2025 10:43 PM IST
Rajkot | May 31, 2025: Ganga Bath Fittings Limited is set to launch its initial public offering (IPO) on Wednesday, June 4, 2025, and will remain open until Friday, June 6, 2025. This SME IPO is a 100% book-built issue, with a total size of 66.63 lakh equity shares, including a market maker reservation of 3.36 lakh shares. The IPO will be listed on the NSE Emerge platform.
The company has fixed the price band at ₹46 to ₹49 per share, with a face value of ₹10 each. The minimum lot size is 3,000 shares, aggregating a minimum investment of ₹1,47,000 at the upper end of the price band.
IPO Snapshot
| Detail | Info |
|---|---|
| Issue Opens | June 4, 2025 |
| Issue Closes | June 6, 2025 |
| Price Band | ₹46 – ₹49 per share |
| Issue Size | ₹32.65 Cr (approx) / 66.63 lakh shares |
| Lot Size | 3,000 shares |
| Listing Exchange | NSE Emerge |
| Allotment Date | On or before June 10, 2025* |
| Listing Date | On or before June 13, 2025* |
| Lead Manager | Jawa Capital Services Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
*Tentative, based on T+3 listing norms
Company Overview
Originally established as Ganga Plast Industries LLP in 2020, the entity was converted into a public limited company in 2024 and subsequently renamed Ganga Bath Fittings Limited. The company is engaged in the manufacturing and supply of a wide array of bathroom accessories including:
- CP taps and accessories
- PTMT taps, SS showers, ABS accessories
- Bathroom vanities, sinks, and sanitary ware
It currently operates through three manufacturing units located in Rajkot, Gujarat: GI Unit (Ganga Industries), GBS Unit (Ganga Bathing Solution), and GPI Unit (Ganga Plast Industries).
Financial Performance
Restated Standalone Financials
| Particulars | FY22 | FY23 | FY24 | FY25 (Apr–May) | FY25 (May–Dec) |
|---|---|---|---|---|---|
| Revenue from Operations | ₹10.70 Cr | ₹12.18 Cr | ₹13.68 Cr | ₹2.37 Cr | ₹22.47 Cr |
| Profit After Tax (PAT) | ₹0.007 Cr | ₹0.092 Cr | ₹0.59 Cr | ₹0.24 Cr | ₹3.61 Cr |
| Net Worth | ₹1.24 Cr | ₹1.35 Cr | ₹3.94 Cr | ₹4.13 Cr | ₹22.12 Cr |
| Total Assets | ₹6.01 Cr | ₹6.62 Cr | ₹10.32 Cr | ₹11.25 Cr | ₹43.65 Cr |
| Total Borrowings | ₹4.27 Cr | ₹5.15 Cr | ₹7.37 Cr | ₹7.29 Cr | ₹10.73 Cr |
Note: EPS for partial periods not annualised
Proforma Consolidated Financials (Post-acquisition basis)
| Particulars | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Total Revenue | ₹22.34 Cr | ₹30.68 Cr | ₹32.01 Cr | ₹32.31 Cr |
| Profit After Tax (PAT) | ₹0.21 Cr | ₹0.31 Cr | ₹2.48 Cr | ₹4.52 Cr |
| Net Worth | ₹7.36 Cr | ₹9.51 Cr | ₹11.05 Cr | ₹22.12 Cr |
| Total Borrowings | ₹13.42 Cr | ₹12.29 Cr | ₹13.70 Cr | ₹10.73 Cr |
The company has delivered strong growth in profitability, and the PAT for the nine months ended December 2024 stands at ₹4.52 crore, a significant increase over previous years. Net worth has also expanded sharply following strategic acquisitions.
IPO Objectives
The net proceeds from the IPO will be used as follows:
- ₹18.95 crore: Capital expenditure on machinery and equipment
- ₹5.33 crore: Repayment/prepayment of borrowings
- ₹2.70 crore: Working capital requirements
- Balance: General corporate purposes
Promoters and Shareholding
Promoters include Mr. Tusharkumar Tilva, Mr. Jimmy Tilva, and Mr. Sajan Tilva.
| Shareholding | Pre-Issue | Post-Issue |
|---|---|---|
| Promoters & Group | 98.81% | 69.16% |
What to Watch
- Rapid scale-up in topline and bottom-line due to business consolidation
- Sector tailwinds from rising urbanization and premium housing demand
- Exposure to leased premises for all production units
- High trade receivables at ₹14.27 crore as of December 2024 may impact liquidity
Conclusion
Ganga Bath Fittings is leveraging its presence across the value chain in sanitary ware and bath accessories. The company has posted strong financial performance in FY25, with the potential to benefit from continued demand growth in real estate and household infrastructure. The IPO is expected to list on the NSE Emerge platform on or before June 13, 2025, in line with T+3 norms.
Investors can apply through ASBA and UPI channels before the 5 PM cut-off on June 6, 2025.
REF:https://www.nseindia.com/market-data/issue-information?symbol=GANGABATH&series=SME&type=Forthcoming
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