Ganga Bath Fittings IPO - Day 3 Subscription at 1.64 Times

Ganga Bath Fittings initial public offering (IPO) has shown moderate investor demand through its three-day subscription period. The ₹32.65 crore IPO has witnessed steady progress, with subscription rates opening at 0.45 times on day one, rising to 1.02 times on day two, and reaching 1.64 times by 5:09:00 PM on the final day, demonstrating improving investor interest in this manufacturer and supplier of various bathroom accessories including CP taps, showers, sanitary wear, ABS fittings, door handles, vanities, and sinks that operates state-of-the-art manufacturing facility in Shapar-Veraval, Gujarat, employs advanced technology and skilled manpower to ensure product excellence, and maintains a network of over 2,500 distributors who have been affiliated for an extended period.

Ganga Bath Fittings IPO retail investors segment leads with 2.55 times subscription, qualified institutional buyers maintain solid participation at 2.22 times, while non-institutional investors show improvement to 0.73 times though remaining undersubscribed, reflecting growing investor confidence in this company that offers extensive product portfolio under the brand name "GANGA" including CP Bath Fittings, Sanitary Ware, PTMT Taps, Stainless Steel Showers, and ABS Accessories, holds ISO 9001:2015 certification for Quality Management Systems, and has 2 Executive Directors with 155 employees as of December 2024.

Ganga Bath Fittings IPO subscription reached a moderate 1.64 times on the final day, led by Retail (2.55x) and QIB (2.22x) but limited by NII undersubscription (0.73x). Total applications reached 2,807.

Subscription Status of Ganga Bath Fittings:

Here are the subscription details for Ganga Bath Fittings IPO as of Day 3 (June 6, 2025, 5:09:00 PM):

Key Highlights - Day 3:

• Overall subscription reaching moderate 1.64 times, showing significant improvement from day two's 1.02 times
• Retail segment leading with solid demand at 2.55 times, a substantial increase from day two's 1.49 times
• QIB segment maintains consistent participation at 2.22 times throughout all three days
• NII segment showing improvement to 0.73 times, though remaining undersubscribed, up from day two's 0.52 times
• Total applications reached 2,807, indicating improved investor participation from the earlier 2,033
• The cumulative bid amount increased to ₹50.950 crores
• Final day demonstrating growing confidence in the bathroom fittings manufacturing sector
• Strong retail participation is driving overall subscription improvement despite persistent NII undersubscription
• Consistent institutional interest combined with accelerating retail demand indicates sector-specific appeal to different investor categories

Ganga Bath Fittings IPO - Day 2 Subscription at 1.02 Times

Key Highlights - Day 2:

• Overall subscription rising to 1.02 times, showing improvement from day one's 0.45 times, but still below full subscription
• QIB segment maintains steady participation at 2.22 times, unchanged from day one
• Retail segment showing increased interest at 1.49 times, a significant improvement from day one's 0.52 times
• NII segment remaining undersubscribed at 0.52 times, improvement from day one's 0.35 times
• Second day momentum indicates gradual retail investor confidence building despite institutional hesitation
• Bathroom fittings manufacturing sector attracting limited investor enthusiasm
• Steady institutional interest contrasts with subdued high-net-worth investor response

Ganga Bath Fittings IPO - Day 1 Subscription at 0.45 Times

Key Highlights - Day 1:

• Overall subscription opening well below full subscription at 0.45 times, showing weak initial investor interest
• QIB segment showing strong early participation at 2.22 times, indicating institutional investor confidence
• Retail investors are showing very modest participation at 0.52 times, reflecting reserved individual investor confidence
• NII segment showing significant undersubscription at 0.35 times on day one
• Opening day demonstrates highly mixed investor engagement across categories
• Initial momentum reflecting a cautious assessment of the bathroom fittings manufacturing opportunity
• Advanced manufacturing capabilities and an extensive distributor network drew limited initial market attention
• First day performance suggests significant investor education and confidence-building challenges

About Ganga Bath Fittings IPO

Incorporated in 2018, Ganga Bath Fittings Limited manufactures and supplies various bathroom accessories, including CP taps, showers, sanitary wear, ABS fittings, door handles, vanities, sinks, and more. The company's manufacturing facilities are technologically aligned to develop and manufacture products that meet customers' stringent quality control requirements, manufacturing customised components based on customer specifications, ensuring quality and timely delivery while offering personalised services to its strong customer base across India.

With competitive strengths including experienced promoters and management team, a wide range of products, long-standing relationships with distributors, clients and suppliers, a strong & experienced R&D team, and high-quality standards, the company maintains a network of over 2,500 distributors who have been affiliated for extended periods. The company holds ISO 9001:2015 certification for Quality Management Systems regarding the design, manufacture, and supply of brass bath fittings, sanitary wares, PTMT taps, stainless steel showers, stainless steel gullies, ABS taps, and all kinds of accessories.

Financial performance shows modest growth with revenue of ₹32.01 crores in FY2024 and profit after tax of ₹2.48 crores. For the nine months ended December 2024, the company reported revenue of ₹32.31 crores with PAT of ₹4.53 crores. The company maintains reasonable profitability metrics with 15.07% ROE, 29.80% ROCE, and 15.07% RONW, while operating with a debt-to-equity ratio of 0.87 and market capitalisation of ₹108.82 crores.

Highlights of the Ganga Bath Fittings IPO:

• IPO type: Book Building IPO
• IPO size: ₹32.65 crores
• Fresh Issue: 66.63 lakh shares
• Face value: ₹10 per share
• Issue price band: ₹46 to ₹49 per share
• Lot size: 3,000 shares
• Minimum investment for retail investors: ₹1,47,000 (1 lot, 3,000 shares)
• Minimum investment for HNI: ₹2,94,000 (2 lots, 6,000 shares)
• Market maker reservation: 3,36,000 shares
• Book-running lead manager: Jawa Capital Services Private Limited
• Registrar: Kfin Technologies Limited
• Listing at: NSE SME
• IPO opens: June 4, 2025
• IPO closes: June 6, 2025
• Allotment date: June 9, 2025
• Listing date: June 11, 2025