Ganga Bath Fittings is launching its IPO through the bookbuilding route, aiming to raise ₹32.65 crore. The issue is entirely a fresh issue of 66.63 lakh equity shares. The IPO will open for subscription on June 4, 2025, and will close on June 6, 2025.
The allotment is likely to be finalised on June 9, 2025. The shares are expected to be listed on NSE SME, with the tentative listing date set as June 11, 2025.
The price band for the IPO is set between ₹46 to ₹49 per share. The minimum application size for retail investors is 3,000 shares, requiring an investment of ₹1,38,000. To avoid missing out in case of oversubscription, it is suggested that investors bid at the cutoff price, which comes to ₹1,47,000. High Net-worth Individuals (HNIs) need to apply for at least two lots, or 6,000 shares, amounting to ₹2,94,000.
Jawa Capital Services Private Limited is the lead manager for the issue, and Kfin Technologies Limited is acting as the registrar. Interested investors can refer to the RHP for detailed information.
Industry Outlook
- The Indian sanitary ware market was valued at USD 318.8 million in 2023 and is projected to grow at a CAGR of 7.9% until 2029. This steady growth reflects rising demand driven by urbanisation, infrastructure projects, and changing consumer preferences for modern, efficient bathroom fittings.
- Rapid urban development and government schemes like Swachh Bharat Abhiyan are increasing awareness of sanitation and hygiene, leading to higher adoption of quality sanitary products in homes, commercial buildings, and public infrastructure.
- The surge in residential and commercial construction, along with demand from hotels, hospitals, and schools, is expanding the need for durable and stylish sanitary fittings. This trend is creating opportunities for companies offering a wide product range.
Ganga Bath Fittings IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use part of the IPO proceeds for capital expenditure by purchasing new equipment and machinery to improve its production capacity.
- A portion of the funds will be used to repay or prepay certain existing borrowings, helping reduce financial liabilities and improve the balance sheet.
- The IPO proceeds will also support the company’s working capital needs, ensuring smooth day-to-day operations and business growth.
- The remaining funds will be used for general corporate purposes.
About Ganga Bath Fittings Limited
Ganga Bath Fittings Limited, previously known as Ganga Plast Industries Limited, is engaged in the manufacturing and supply of a wide range of bathroom accessories and bath fittings. The company traces its roots to 2018 when it began as a partnership firm named Ganga Plast Industries. In 2020, the firm was converted into a Limited Liability Partnership (LLP) to improve management and operational efficiency.
Later, in 2024, the LLP transitioned into a public limited company and was renamed Ganga Bath Fittings Limited. The company expanded its operations by acquiring businesses of Ganga Industries and Ganga Bathing Solution. While Ganga Bathing Solution was dissolved, Ganga Industries continues to exist as the owner of the premises where the company's registered office and GI Unit are located.
Ganga Bath Fittings Limited now manufactures and supplies products such as CP taps, ABS showers, health faucets, PTMT taps, bathroom vanities, and SS shower drains. It generates revenue through three business verticals: selling products under its own brands like Ganga, Glimpse, Stepian, and Tora; contract manufacturing for OEMs; and trading sanitary ware, which is branded and sold under the Ganga name. The company continues to cater to growing market demands with a focus on quality and product variety.
How To Check the Allotment Status of Ganga Bath Fittings IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Ganga Bath Fittings IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Ganga Bath Fittings IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Ganga Bath Fittings IPO
Registered office: Survey No. 121, Nr. Vraj Industrial Estate, SIDC Road, B/H Shantidham Residency, Veraval (Shapar), Kotda Sangani, Rajkot, Gujarat 360024
Phone: +91-9033863882
E-mail:cs@gangabathfittings.com
Ganga Bath Fittings IPO Reservation
|
Investor Category |
Shares Offered |
|
Qualified Institutional Buyers (QIBs) |
Up to 50% of the Net Issue |
|
Retail Individual Investors (RIIs) |
At least 35% of the Net Issue |
|
Non-Institutional Investors (NIIs) |
At least 15% of the Net Issue |
Ganga Bath Fittings IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
3,000 |
₹1,38,000 |
|
Retail (Max) |
1 |
3,000 |
₹1,47,000 |
|
HNI (Min) |
2 |
6,000 |
₹2,94,000 |
Ganga Bath Fittings IPO Promoter Holding
The promoters of the company include Mr. Tusharkumar Vithaldas Tilva, Mr. Jimmy Tusharkumar Tilva, and Mr. Sajan Tusharbhai Tilva
|
Share Holding Pre-Issue |
98.81% |
|
Share Holding Post Issue |
69.16% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Ganga Bath Fittings IPO
|
KPI |
Value |
|
ROE (%) |
15.07 |
|
RoCE (%) |
29.80 |
|
Debt/Equity |
0.87 |
|
PAT Margin |
9.96 |
Ganga Bath Fittings IPO Prospectus
Ganga Bath Fittings IPO Registrar and Lead Managers
Ganga Bath Fittings IPO Lead Managers
- Jawa Capital Services Private Limited
Registrar for Ganga Bath Fittings IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: gbfl.ipo@kfintech.com
Ganga Bath Fittings IPO Registrar
Financial Performance of Ganga Bath Fittings Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 1357.87 | 1217.91 |
| Profit/ (loss) for the year (in ₹ lakh) | 59.44 | 9.23 |
| Earnings per Share (₹) | 1.51 | 0.69 |
| Net Worth(in ₹ lakh) | 394.44 | 134.76 |
| Return on Equity (RoE) (%) | 15.07 | 6.85 |
| Return on Capital Employed (RoCE) (%) | 358.93 | 141.20 |
| EBITDA (in ₹ lakh) | 163.44 | 139.97 |
Know before investing
Strengths
8Promoters hold over 30 years of experience in bath fittings.
Product range includes 432 SKUs across various bath accessory segments.
Strong network of 2,500+ distributors boosts domestic market reach.
ISO 9001:2015 certification ensures high quality and global standards.
Legacy in bath fittings business since 2011 ensures market trust.
Experienced R&D team develops custom designs with faster timelines.
Plans to expand across India and into international markets.
Focused on adding new products with advanced electronic integration.
Risks
8High working capital needs may impact operations and cash flow.
Non-ownership of factory premises poses long-term operational risks.
₹1427.76 lakh trade receivables may strain liquidity and recovery.
Missing licenses or approvals can disrupt business operations severely.
Limited operating history makes future performance difficult to assess.
Raw material prices are volatile, affecting costs and profitability.
Business depends heavily on the Gujarat region; any disruption may hurt operations.
No long-term supply deals may affect inventory and client orders.
Ganga Bath Fittings IPO Peer Comparison
| Company Name | EPS (Basic) | NAV (per share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Ganga Bath Fittings Limited | 2.71 | 16.61 | 18.08 | 26.57 |
| Hindware Home Innovation Limited | -4.98 | 12.05 | -75.64 | -41.33 |
| Cera Sanitaryware Limited | 183.89 | 1,032.26 | 36.88 | 17.81 |
