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Ganga Bath Fittings IPO
Ganga Bath Fittings Ltd
₹1,38,000 /3000 sharesMinimum Investment
Ganga Bath Fittings IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹49.00 | ₹59.00 | ₹10.00 (20.41%) |
Ganga Bath Fittings IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 4 Jun ‘25 - 6 Jun ‘25 | ₹1,38,000 | 3,000 | ₹46 - ₹49 |
| Issue Size | IPO Doc |
|---|---|
| 32.65Cr | RHP PDF |
Subscription rate
As of 06 Jun'25, 05:00 PM
| Qualified Institutional Buyers | 2.22x |
| Non-Institutional Investor | 0.83x |
| Retail Individual Investor | 2.45x |
| Total | 1.56x |
About Ganga Bath Fittings
Founded in
2018
Managing director
Mr. Jimmy Tilva
Parent organisation
Ganga Bath Fittings Ltd
Strengths & Financials of Ganga Bath Fittings
Strengths
Risks
Ganga Bath Fittings is ISO 9001:2015 certified for quality management systems.
The company claims that the manufacturing units are equipped with the necessary technology that can support the development of products and meet strict quality standards.
The company states that the products pass through several levels of inspections and tests during the production process. The company also claims that only those that pass quality checks move forward, while those that do not are returned for reassembly.
The company claims to operate through a distribution network of 30 distributors and around 2,500 dealers and retailers.
The company claims to offer 250 stock-keeping units (SKUs) in its GI division, 32 SKUs in the GBS division, and 150 SKUs under the GPI segment.
Over the years, the company has observed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from 10.67 crore in FY22 to Rs 12.18 crore in FY23 to Rs 13.58 crore in FY24. PAT increased from Rs 0.01 crore in FY22 to Rs 0.09 crore in FY23 to Rs 0.59 crore in FY24.
Ganga Bath Fittings, in its current format, was officially incorporated on May 22, 2024. Due to its limited operating history, investors may find it difficult to evaluate the company’s performance.
A major portion of the company’s raw materials is sourced from Gujarat. As of the period ending December 31, 2024, the company sourced 87 percent of its raw materials from the state. Any adverse developments in this region can negatively impact the raw material procurement and hinder business operations.
The company derives a major share of revenue from a small number of clients. The top 10 customers contributed Rs 13.86 crore (61.73 percent) from May 22, 2024 to December 31, 2024; Rs 0.81 crore (34.14 percent) from April 1, 2024 to May 21, 2024 and Rs 6.45 crore (47.48 percent), Rs 6.06 crore (49.74 percent), and Rs 5.05 crore (47.38 percent) in FY24, FY23 and FY22 to the revenue from operations respectively. Any loss of any of these key customers or a failure to retain them can adversely affect the company’s finances and business operations.
The company’s business operations are concentrated in Gujarat. Revenue generated from the state accounts for 45 percent of the company’s total revenue. Any adverse political, social or economic developments in this state could hurt the company’s financial health and operations.
As of April 30, 2024, Ganga Bath Fittings had total outstanding borrowings amounting to Rs 12.65 crore. Any failure to service or repay these loans could harm the company’s financial standing.
Deepak Trade Corporation, a partnership firm associated with the company’s promoter, Tusharkumar Vithaldas Tilva and his wife, operates in a similar industry to Ganga Bath Fittings. This could lead to conflicts of interest in managing business opportunities and strategies. Currently, there is no non-compete agreement in place to address these potential conflicts.
As of the period ended December 31, 2024, the company had total trade receivables amounting to Rs 14.28 crore, representing 32.70 percent and 64.54 percent of its total assets and net worth, respectively. Any failure to collect these receivables on time or at all could negatively impact the company’s business and its finances.
Ganga Bath Fittings Financials
*All values are in Rs. Cr
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Application Details of Ganga Bath Fittings IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹46 - 49 | ₹2 - 5 Lakh |
| High Networth Individual | ₹46 - 49 | ₹2 - 5 Lakh |
For Ganga Bath Fittings IPO, eligible investors can apply as Regular.