India-based Ganga Bath Fittings, headquartered in Gujarat, saw its ₹32.65 crore IPO fully subscribed on June 5, the second day of bidding. The issue closes on June 6. The company, known for its bathroom accessories and sanitaryware products under brands like Ganga, Glimpse, Stepian, and Tora, aims to use the IPO proceeds for machinery purchase, debt repayment, and working capital.
Ganga Bath Fittings Ltd, a Gujarat-based bathroom accessories and sanitaryware manufacturer, has achieved full subscription for its ₹32.65 crore Initial Public Offering (IPO) on the second day of bidding, June 5. The public issue is scheduled to close on June 6.
The IPO consists of a fresh issue of 66.63 lakh equity shares in a price band of ₹46–₹49 per share. The company plans to deploy the raised funds for the purchase of equipment and machinery, repayment of existing borrowings, and working capital needs.
As per exchange data, retail investors accounted for 45.51 lakh shares, while the remaining bids were placed by non-retail investors. A total of 66.57 lakh shares were subscribed through 1,606 applications.
Founded in Gujarat, Ganga Bath Fittings competes with established listed companies like Hindware Home Innovation Ltd and Cera Sanitaryware Ltd. The firm is known for offering bathroom accessories under its in-house brands: Ganga, Glimpse, Stepian, and Tora. It also supplies products to OEMs (Original Equipment Manufacturers) and engages in sanitary product trading.
The company is eyeing a valuation of ₹110 crore, with significant contributions coming from its three revenue channels: in-house brand sales, OEM contracts, and trading. The IPO is being managed by Jawa Capital Services, which is serving as the book running lead manager.
