Ganga Bath Fittings Limited operates in the manufacturing and supply of a wide range of bathroom accessories including but not limited to CP taps and their parts, showers, bath accessories, sanitary ware, ABS showers, ABS health faucets, ABS taps, ABS accessories, PTMT taps, door handles, bathroom vanities, bathroom sinks, stainless steel showers, shower drains, and stainless steel channel drainers. The company caters to both domestic and commercial sectors with quality products designed to meet diverse customer needs.

The company is promoted and managed by a professional and experienced team led by Mr. Tusharkumar Vithaldas Tilva, Mr. Jimmy Tusharkumar Tilva, and Mr. Sajan Tusharbhai Tilva along with their family members. Their collective experience in the bath fitting industry strengthens the company’s position and growth potential.

The company is launching a Book Built IPO amounting to ₹32.64 crore through the fresh issue of 66.63 lakh equity shares. The subscription period for the IPO is from June 4, 2025, to June 6, 2025. The allotment of shares is expected to be finalized on or about June 9, 2025, and the shares will be listed on the NSE SME platform tentatively on June 11, 2025.

The IPO price band is fixed between ₹46 and ₹49 per equity share. Based on the upper price band of ₹49, the market capitalisation of the company will be approximately ₹108.81 crore. The lot size is fixed at 3,000 shares. Retail investors need to invest a minimum of ₹1,47,000, whereas High Net Worth Individuals (HNIs) need to subscribe for at least two lots (6,000 shares) amounting to ₹2,94,000.

Jawa Capital Services Private Limited is the Book Running Lead Manager of the IPO. Kfin Technologies Limited is the registrar for the issue, and Rikhav Securities Limited will act as the Market Maker.

Financial Performance and Valuation

Ganga Bath Fittings has demonstrated consistent and steady financial growth over recent years. The revenue from operations was ₹3,230.90 lakh for the period ended December 31, 2024, compared to ₹3,201.47 lakh in FY24, ₹3,068.32 lakh in FY23, and ₹2,234.48 lakh in FY22. EBITDA increased steadily from ₹187.34 lakh in FY22 to ₹728.67 lakh in the period ended December 2024. Profit after tax showed substantial growth from ₹21.16 lakh in FY22 to ₹452.74 lakh for the period ended December 2024.

The company reports a pre-issue earnings per share (EPS) of ₹1.51 and a post-issue EPS of ₹1.12 for FY24. The pre-issue Price to Earnings (P/E) ratio is 32.45x and rises to 43.91x post-issue, compared with an industry P/E ratio of -8.0. Return on Capital Employed (ROCE) for FY24 is a very high 358.93%, while Return on Equity (ROE) and Return on Net Worth (RoNW) stand at 15.07%. The annualised EPS based on the latest data is ₹2.72 with a P/E ratio of 18.03x. These figures suggest that the IPO is fairly priced relative to the company’s earnings.

Grey Market Premium and Listing Advice

The Grey Market Premium (GMP) for Ganga Bath Fittings IPO is currently zero, implying no expectation of listing gains. GMP is an unofficial measure reflecting demand and supply outside the regulated stock markets and is not a reliable indicator for investment decisions.

Considering the company’s steady financial performance and valuation metrics, alongside the zero GMP, the IPO does not appear to offer immediate listing gains. Investors seeking quick profits from listing are advised to avoid this IPO and carefully assess their investment goals before applying.

For more information, investors can contact:
Jawa Capital Services Private Limited (Book Running Lead Manager)
Kfin Technologies Limited (Registrar)

The Upcoming IPOs in this week and coming weeks are Ganga Bath Fittings, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are 3B Films, N R Vandana Tex Industries, Scoda Tubes, Neptune Petrochemicals.

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