Ganga Bath Fittings IPO Allotment – 3 Ways To Check Allotment Status
K N Mishra
07/Jun/2025

What's covered under the Article:
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Ganga Bath Fittings IPO receives 1.61 times subscription as of June 6 with a muted grey market premium of ₹0.
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IPO allotment will be finalised on June 9, 2025, and shares are expected to list on NSE SME on June 11, 2025.
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Financials show stable revenue growth but zero GMP suggests weak listing gains for investors.
The Ganga Bath Fittings IPO, a book-built issue worth ₹32.64 crores, has drawn investor attention with a subscription of 1.61 times on the final day of bidding, June 6, 2025. Despite the decent response from investors, the Grey Market Premium (GMP) stands at ₹0, indicating no expected listing gains. The IPO, priced in the band of ₹46 to ₹49 per share, involves a fresh issue of 66.63 lakh equity shares, and is all set to be listed on the NSE SME platform.
Founded with a vision to deliver comprehensive bathroom solutions, Ganga Bath Fittings manufactures and supplies a wide range of products, including CP taps and their parts, showers, sanitary ware, ABS showers, health faucets, PTMT taps, door handles, bathroom vanities, SS showers, and more. Their wide product portfolio reflects a focus on both aesthetic appeal and durable performance.
The IPO opened for subscription on June 4, 2025, and concluded on June 6, 2025. The allotment of shares is expected to be finalised on June 9, 2025, and the tentative listing date is June 11, 2025. The issue is being managed by Jawa Capital Services Private Limited, with Kfin Technologies Ltd acting as the registrar. Rikhav Securities Ltd serves as the market maker for this SME issue.
The price band of ₹46 to ₹49 per equity share has set the market capitalisation at ₹108.81 crores at the upper band. For retail investors, the lot size is 3,000 shares, which equates to a minimum investment of ₹1,47,000, while HNIs must invest in a minimum of 2 lots, amounting to ₹2,94,000.
Despite a steady uptick in revenue and profitability, the IPO has received no premium in the grey market. As of the latest update, the GMP stands at ₹0, indicating no speculative premium before listing. This suggests that the market may be cautious or uncertain about the short-term prospects of this IPO.
According to available data, the company’s revenue from operations has shown a consistent rise — from ₹2,234.48 lakh in FY22 to ₹3,068.32 lakh in FY23, reaching ₹3,201.47 lakh in FY24, and ₹3,230.90 lakh for the 9-month period ending December 31, 2024. EBITDA also showed a healthy growth — ₹187.34 lakh in FY22, ₹253.74 lakh in FY23, ₹495.00 lakh in FY24, and ₹728.67 lakh in the nine months ended Dec 2024.
The profit after tax (PAT) figures are equally promising, with ₹21.16 lakh in FY22, growing to ₹31.16 lakh in FY23, and then significantly to ₹247.82 lakh in FY24, reaching ₹452.74 lakh for the nine-month period of FY25. This consistent growth indicates strong operational performance.
However, when considering valuation metrics, the story becomes more nuanced. The pre-issue EPS stands at ₹1.51 and post-issue EPS at ₹1.12. The pre-issue P/E ratio is 32.45x, and post-issue P/E is 43.91x, compared to a negative industry P/E of -8.0x. Even though the company’s ROCE is 358.93% and ROE is 15.07%, suggesting good returns on capital and equity, the valuation appears stretched, especially considering it is a SME IPO with no current premium in the grey market.
Furthermore, the objectives of the IPO include:
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₹2,013.32 lakh for capital expenditure for equipment and machinery purchases,
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₹532.66 lakh for repayment/prepayment of borrowings,
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₹270.10 lakh for working capital requirements, and
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The remainder for general corporate purposes.
These objectives indicate that the company is focusing on capacity expansion, debt reduction, and operational efficiency — all positive signs from a long-term growth perspective.
Despite this, the absence of any Grey Market Premium indicates a lack of speculative demand, which is often seen as a soft indicator of listing day enthusiasm. While the IPO is fully subscribed, its listing prospects may remain flat, especially as no premium signals tepid demand in the unregulated grey market. This could impact early investors looking purely for listing gains.
The promoters, Mr. Tusharkumar Vithaldas Tilva, Mr. Jimmy Tusharkumar Tilva, and Mr. Sajan Tusharbhai Tilva, have shown consistent involvement in operations, supported by an experienced management team. Their leadership has likely contributed to the steady financial performance seen over recent years.
Despite its strengths in revenue growth, diversified product range, and clear IPO utilization strategy, the IPO appears to be fairly to fully valued with limited upside potential on listing day. Thus, for investors looking solely for short-term returns, it may be advisable to avoid this IPO for listing gains. However, long-term investors with confidence in the company’s fundamentals may consider evaluating it based on post-listing performance.
The Ganga Bath Fittings IPO allotment status will be available on the Kfin Technologies website post finalisation on June 9, 2025. Investors can check their allotment using PAN, application number, or DP ID/client ID.
In conclusion, the Ganga Bath Fittings IPO has received moderate investor interest, reflecting in a 1.61x subscription rate but lacks speculative enthusiasm due to ₹0 GMP. This indicates a neutral market sentiment, and investors are advised to exercise caution and assess their risk-return appetite before investing.
The Upcoming IPOs in this week and coming weeks are Jainik Power Cables, Sacheerome Limited, Victory Electric Vehicles International, Wagons Learning.
The Current active IPO are Ganga Bath Fittings.
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