Ganga Bath Fittings IPO Opens Today: Offer Size, Price Band, GMP And Other Key Details
The NSE SME issue will remain open for subscription from June 4 to 6.
The initial public offering (IPO) of Ganga Bath Fittings Ltd. is scheduled to open for subscription on June 4. The manufacturer and supplier of bathroom accessories aims to raise more than Rs 33 crore from the primary market through its public offer.
Incorporated in 2018, the company has an extensive product portfolio and offers personalised services to its large customer base in the country. It offers its products under the brand name "Ganga."
The NSE SME issue will remain open for bidding until June 6. Interested investors can check important details about Ganga Bath Fittings' IPO before bidding for the company's shares.
Ganga Bath Fittings IPO: Key Details
Ganga Bath Fittings IPO is a book-building issue, worth Rs 32.65 crore. The public offer comprises an entirely fresh issuance of 66.63 lakh shares. The price band for the IPO has been set at Rs 46 to Rs 49 per share.
Retail investors will be required to apply for at least a single lot size of 3,000 shares. This amounts to a minimum investment of Rs 1,38,000. For the High Net-worth Individuals (HNIs), the minimum bidding size is two lots (6,000 shares), aggregating to an investment of Rs 2,94,000.
The company has set aside 50% of the net issue for Qualified Institutional Buyers (QIBs). The retail investors’ quota has been fixed at 35% of the net issue size. The remaining 15% has been reserved for Non-Institutional Investors (NIIs).
The share allotment status for the Ganga Bath Fittings IPO is expected to get finalised by June 9, followed by the initiation of refunds and transfer of shares to the Demat accounts on June 10.
The tentative listing date for the company's shares on the NSE SME platform is June 11.
Jawa Capital Services Private Limited serves as the book-running lead manager for the IPO, while the registrar for the issue is Kfin Technologies Ltd.
Ganga Bath Fittings IPO GMP
According to InvestorGain, the grey market price (GMP) for the Ganga Bath Fittings IPO stood at Rs 1 apiece, as of 8:37 a.m. on June 4. This indicates that shares of Ganga Bath Fittings will list at a premium of 2.04% at Rs 50 apiece.
Note: GMP does not represent official data and is based on speculation.
Ganga Bath Fittings IPO: Business and Financials
The company, maintaining a network of more than 2,500 distributors, manufactures and supplies bathroom accessories like CP taps, showers, sanitary wear, ABS fittings, door handles, vanities, sinks and more.
Besides this, it also offers personalised services to its customers across India.
The company's manufacturing facility is based in Shapar-Veraval, Gujarat.
Use Of Proceeds
Ganga Bath Fittings has proposed to use the net proceeds towards several of its business objectives, including capital expenditure towards the purchase of equipment or machinery, and others.
It will also repay or prepay certain borrowings that have been availed by the company. The remaining amount will be used for funding working capital requirements and general corporate purposes.
Financials
Ganga Bath Fittings reported a net profit of Rs 4.53 crore on revenue of Rs 32.31 crore for the period ended December 31, 2024.
In FY24, the revenue increased to Rs 32.01 crore in FY24, compared to the Rs 30.68 crore in the previous financial year. Its net profit stood at Rs 2.48 crore in FY24, marking a multifold jump from Rs 31 lakh in FY23.
