June 11, 2025
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What is the last grey market premium of Ganga Bath Fittings IPO?
Listing Review: As compared to the expectation of negative listing, this listing has surprised the players. The scrip is listed at Rs. 59, in spite of poor subscription status.
Subscription status of Ganga Bath Fittings IPO
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Ganga Bath Fittings IPO Price Rs. 49 Lot 3000 shares, Rs. 32.65 Crore |
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| QIB | NII x | RII x | Total x | Applications |
| 2.22 | 0.73 | 2.55 | 1.64 | 2807 |
| Subscription Review: Flow of applications has marginally improved on the last day |
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Ganga Bath Fittings IPO Allotment Link:
What is the business of Ganga Bath Fittings?
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:
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CP Bath Fittings – Chrome-plated faucets and fixtures combining durability with modern aesthetics.
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Sanitary Ware – A wide range of sanitary products suitable for both residential and commercial applications.
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PTMT Taps – Taps made from Polytetra Methylene Terephthalate, known for their strength and wear resistance.
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Stainless Steel Showers – Sleek, corrosion-resistant showers offering long-lasting performance.
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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:
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GI Unit – 250 SKUs
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GBS Unit – 32 SKUs
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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
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3B Films IPO Details |
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| 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 |
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| 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 |
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| 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 |
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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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