What is the last grey market premium of Ganga Bath Fittings  IPO?

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Listing Review: Will update on listing.

Subscription status of Ganga Bath Fittings IPO

Ganga Bath Fittings IPO
(Day 1)

Price Rs.49  Lot 3000 shares, Rs.  Crore

QIB NII x RII x Total x Applications
         
Note:

Ganga Bath Fittings IPO Allotment Link: 

 

 

What is the business of Ganga Bath Fittings?

Incorporated in 2018, Ganga Bath Fittings Limited is a leading manufacturer and supplier of high-quality bathroom accessories across India. The company’s extensive product range includes CP taps, showers, sanitary ware, ABS fittings, door handles, vanities, sinks, and more.

With a strong focus on quality, Ganga Bath Fittings operates technologically advanced manufacturing facilities designed to meet rigorous quality standards. The company specializes in producing customized components tailored to client specifications, ensuring consistent quality and timely delivery.

Product Portfolio

Under its flagship brand “GANGA”, the company offers a comprehensive suite of bathroom solutions:

  • CP Bath Fittings – Chrome-plated faucets and fixtures combining durability with modern aesthetics.

  • Sanitary Ware – A wide range of sanitary products suitable for both residential and commercial applications.

  • PTMT Taps – Taps made from Polytetra Methylene Terephthalate, known for their strength and wear resistance.

  • Stainless Steel Showers – Sleek, corrosion-resistant showers offering long-lasting performance.

  • ABS Accessories – Lightweight yet robust accessories made from Acrylonitrile Butadiene Styrene.

Manufacturing & Infrastructure

The company’s state-of-the-art manufacturing unit is located in Shapar-Veraval, Gujarat, equipped with advanced machinery and a skilled workforce committed to product excellence. As of December 2024, the SKU distribution across key segments is as follows:

  • GI Unit – 250 SKUs

  • GBS Unit – 32 SKUs

  • GPI Segment – 150 SKUs

Market Presence

Ganga Bath Fittings serves a strong and loyal customer base through a vast distribution network of over 2,500 long-standing distributors across India. The company emphasizes personalized service, helping build long-term relationships and brand trust.

Certifications & Workforce

Ganga Bath Fittings Limited is ISO 9001:2015 certified for its Quality Management System covering the design, manufacturing, and supply of brass bath fittings, sanitary ware, PTMT taps, stainless steel showers, gullies, ABS taps, and related accessories.

As of December 2024, the company is led by 2 Executive Directors and employs a team of 155 dedicated professionals.

Get more information about the company @ https://gangabathfittings.com/

Ganga Bath Fittings IPO Details

3B Films IPO Details

IPO opens on  4 June 2025
IPO closes on  6 June 2025
Issue Type Book Built Issue IPO
Issue Size 66,63,000 Shares /
Rs 32.65 Crore
* Fresh Issue 66,63,000 Shares /
Rs 32.65 Crore
* Offer for Sale – – Shares/
Rs. – Crore
Market Maker Portion 336000 Shares
Net offer to Public 6327,000 Shares
Rs.31.00 Crores
Face Value per share Rs. 10
Price Band Rs. 46-49
Employee discount  Rs. 0 per share
Retail Lot Size  3000 Shares
Listing will at  NSE SME

Shares offered in IPO

  Shares Rs. (Crore)
QIB (50%) 3163500 15.50
HNI (15%)   961200   4.71
RII  (35%) 2242800 10.99
Total Shares  6408000 31.00
Retail portion will be
oversubscribed by 
747
Forms
How much Shares to Apply in this IPO?
Min Retail Application 3000 Shares Rs.147000
Min HNI Application  6000 Shares Rs. 2.94000

Who are the Promoters of Ganga Bath Fittings?

The promoters of the company are Mr. Tusharkumar Vithaldas Tilva, Mr. Jimmy Tusharkumar Tilva, and Mr. Sajan Tusharbhai Tilva.

What are the Objects of Ganga Bath Fittings IPO?

Capital Expenditure towards purchase of equipment/machineries, etc.
Repayment/prepayment of certain borrowings availed by the Company
Funding working capital requirements
General Corporate Purpose

Tentative timetable

IPO opens on 4 June 2025
IPO Closes on 6 June 2025
IPO Allotment on  9 June 2025
Refund Initiation  10 June 2025
Credit of Shares 10 June 2025
Listing on 11 June 2025
Registered Office of the Company
Ganga Bath Fittings Limited
Survey No. 121, Nr. Vraj Industrial Estate
SIDC Road, B/H Shantidham Residency
Veraval (Shapar),
Kotda Sangani,
Gujarat
The Lead Manager of this IPO
Jawa Capital Services Pvt Ltd

Who is the Registrar to IPO?

Kfin Technoliges ltd

Ganga Bath Fittings IPO GMP grey market premium, review, Subscription, allotment, listing estimate

Ganga Bath Fittings Financials

Period Ended 31-Dec-24 31-Mar-24 31-Mar-23 31-Mar-22
Assets 43.67 33.74 32.03 29.87
Revenue 32.31 32.01 30.68 22.34
Profit After Tax 4.53 2.48 0.31 0.21
Net Worth 22.12 11.05 9.51 7.36
Reserves and Surplus 15.54 11.05 9.51 7.36
Total Borrowing 10.73 13.7 12.29 13.43
Amount in Rs Crore

 

Performance Indicators

KPI Values
ROE 15.07%
ROCE 29.80%
Debt/Equity 0.87
RoNW 15.07%
PAT Margin 9.96
Price to Book Value 2.95
EPS Rs.1.59
PE Ratios 30.74

 

 

How Ganga Bath Fittings IPO compares with the Peers?

Company Name P/E (x) RoNW (%)
Ganga Bath Fittings 18.08 26.57
Hindware Home -75.64 -41.33
Cera Sanitaryware 36.88 17.81

 

# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

Ganga Bath Fittings IPO Review by Paresh Gordhandas, CA & Research Analyst.

Incorporated in 2018, Ganga Bath Fittings Limited is a leading manufacturer and supplier of high-quality bathroom accessories across India. The company’s extensive product range includes CP taps, showers, sanitary ware, ABS fittings, door handles, vanities, sinks, and more.

The company’s state-of-the-art manufacturing unit is located in Shapar-Veraval, Gujarat, equipped with advanced machinery and a skilled workforce committed to product excellence.
Ganga Bath Fittings serves a strong and loyal customer base through a vast distribution network of over 2,500 long-standing distributors across India.

Financial Overview and Observations

From a financial perspective, the company has demonstrated a notable increase in profitability over the past three years. In FY 2021–22, it reported a net profit of Rs.21 lakh on a total revenue of Rs.22.34 crore. This figure rose significantly to a net profit of Rs.2.48 crore on Rs.32.01 crore in total income for FY 2023–24. Furthermore, for the nine months ending 31 December 2024, the company posted a substantial net profit of Rs.4.53 crore on total revenue of Rs.32.31 crore.

This sharp rise in profitability, particularly in the period leading up to the IPO, merits closer examination to ensure it is supported by sustainable business fundamentals and accounting consistency.

As of 31 December 2024, the company reported inventory of Rs. 21.73 crore and receivables of Rs.13.51 crore, totaling Rs.35.24 crore. When compared to the nine-month turnover of Rs.32.31 crore, this level of working capital appears elevated. Such a high combined value of inventory and receivables, relative to revenue, is somewhat unusual for a company operating in the manufacturing and marketing of bath fittings and may warrant further analysis to understand its implications on cash flow and operational efficiency.

+ from fundamental angle: May avoid

+ from grey market angle: 

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Ganga Bath Fittings IPO

 
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