Ganga Bath Fittings IPO Sees Weak Demand, Subscription At 54% On Day 2

Ganga Bath Fittings IPO Sees Weak Demand, Subscription At 54% On Day 2 Newspoint | 05/06/2025 16:39:13

Mumbai: Ganga Bath Fittings Ltd’s Rs 32.65-crore IPO, which opened on June 4, saw limited interest by Day 2. As of 10:14 am on Thursday, June 5, the IPO had been subscribed 0.49 times or 49 per cent of the total shares on offer. This means the IPO received bids for 31.08 lakh shares against the 63.27 lakh shares available.

The breakdown shows that retail investors subscribed 0.68 times their quota, while non-institutional investors (NIIs) subscribed just 0.26 times. Qualified Institutional Buyers (QIBs), however, showed stronger interest, subscribing 2.22 times their allotted portion. The IPO will close for subscription on Friday, June 6.

Company Background

Ganga Bath Fittings Ltd was founded in 2018. It makes and supplies a wide range of bathroom accessories. These include CP taps, showers, sanitary ware, ABS fittings, door handles, vanities, and kitchen sinks. The company caters to the growing demand for household fittings across India.

IPO Details – Price, Lot Size & Purpose

The IPO is a fresh issue of 66.63 lakh shares. The price range is Rs 46 to Rs 49 per share. Retail investors need to apply for a minimum lot of 3,000 shares, which requires an investment of Rs 1,47,000. Applications can be made in multiples of 3,000 shares.

The funds raised will be used for capital expenses, buying machinery, repaying loans, and meeting working capital needs. Part of the money will also go towards general corporate purposes.

Jawa Capital Services Private Limited is the book-running lead manager for the IPO, and KFin Technologies is the registrar.

GMP and Listing Date

Market observers report a grey market premium (GMP) of Rs 52.5 for Ganga Bath Fittings shares. This is Rs 3.5 higher than the upper IPO price of Rs 49, which means a 7.14 per cent expected listing gain. However, GMP is based on market sentiment and can change anytime.

The shares are expected to be listed on the NSE SME platform on Tuesday, June 11, 2025.

Though the IPO has not seen full subscription yet, the interest from QIBs and a small GMP hint at cautious optimism. The next and final day of bidding will decide the outcome.