Ganga Bath Fittings IPO: The IPO of the Ganga Bath Fitings Company, which produced bathroom accessories, was completely subscribed on the second day of bidding on June 5. This issue was opened for subscription on June 4, which can be subscribed by June 6. The company is raising ₹ 32.65 crore through this IPO. It is a completely fresh issue of 66.63 lakh shares. The price band of this IPO is ₹ 46-49 per share. The minimum lot of lot size for application is of 3000 shares. The minimum investment amount required by retail investors is ₹ 1,38,000.
Investors have bid for 66.57 lakh equity shares through 1606 applications in the last two days. In this, retail investors bid for the highest 45.51 lakh shares, and the remaining shares were subscribed by other category investors.
IPO timeline
IPO opening date- 4 June
IPO closure date- 6 June
Allotment- 9 June
Refund- 10 June
Credit of shares in demat- June 10
Possible date of list- 11 June
What does the company do?
With its IPO, the company aims to achieve valuation of around ₹ 110 crore. The 2018 Ganga Bath Fitings Limited makes and supplies various bathroom accessories, including CP tap, shower, sanitary wear, ABS fittings, doors handles, vanity, sinks and more. It also provides personal services to its strong customer base across India. The company introduces a comprehensive product portfolio under the ‘Ganga’ brand name.
The Ganges competes with bathing companies in the market already with listed companies such as Hindware Home Innovation and Sera Sanitaryware. The company wants to use the income received from the IPO for the purchase of machinery, repayment of loan and working capital requirements. Let us know that Jawa Capital Services is working as a book running lead manager for this issue.
