Ganga Bath Fittings shares list at ₹59 on NSE SME, a premium of 20.4% from issue price

Ganga Bath Fittings IPO listing: Shares of Ganga Bath Fittings IPO made a strong debut on the bourses on Wednesday, June 11, listing at ₹59 on NSE SME, a premium of 20.4 percent to its issue price of ₹49 per share.

The SME IPO, valued at ₹32.65 crore, was open for subscription from June 4 to June 6.

The Ganga Bath Fittings IPO ended with a tepid response, recording an overall subscription of 1.64 times during its three-day bidding window. Investors placed bids for 1.03 crore shares against the 63.27 lakh shares on offer. The retail segment witnessed stronger interest, getting subscribed 2.55 times, while the non-institutional investor (NII) category lagged with a subscription of just 0.73 times. Meanwhile, the Qualified Institutional Buyers (QIBs) portion was subscribed 2.22 times.

About the IPO

Ganga Bath Fittings IPO was a completely fresh issue comprising 66.63 lakh shares, with no offer-for-sale component. The minimum application size was set at 3,000 shares, requiring a minimum investment of ₹1.38 lakh from retail investors.

The proceeds from the IPO will be used to fund capital expenditure for the purchase of machinery, repayment of debt, meeting working capital needs, and for general corporate purposes.

Jawa Capital Services Private Limited has been appointed as the book-running lead manager for the Ganga Bath Fittings IPO, while Kfin Technologies Limited will serve as the registrar for the issue.

About the Company

Ganga Bath Fittings Limited, incorporated in 2018, is engaged in the manufacturing and supply of a wide range of bathroom accessories under the brand name "Ganga." Its diverse product portfolio includes CP taps, showers, sanitary ware, ABS health faucets, ABS taps and accessories, door handles, PTMT taps, SS showers, sinks, and vanities.

The company operates technologically advanced manufacturing facilities that are equipped to meet stringent quality control standards and produce customized components based on client specifications. This focus on quality and timely delivery has helped the company build a strong customer base across India, supported by its personalized service offerings.

In terms of financial performance, Ganga Bath Fittings reported a 4.3 percent increase in revenue from operations, rising to ₹32.01 crore in FY25 from ₹30.68 crore in the previous year. The company also saw a significant jump in profitability, with its profit after tax climbing to ₹2.48 crore in FY24, compared to ₹0.31 crore in FY23.

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