Mumbai: Ganga Bath Fittings Ltd’s Rs 32.65-crore IPO, which opened on June 4, saw limited interest by Day 2. As of 10:14 am on Thursday, June 5, the IPO had been subscribed 0.49 times or 49 per cent of the total shares on offer. This means the IPO received bids for 31.08 lakh shares against the 63.27 lakh shares available.
The breakdown shows that retail investors subscribed 0.68 times their quota, while non-institutional investors (NIIs) subscribed just 0.26 times. Qualified Institutional Buyers (QIBs), however, showed stronger interest, subscribing 2.22 times their allotted portion. The IPO will close for subscription on Friday, June 6.
Company Background
Ganga Bath Fittings Ltd was founded in 2018. It makes and supplies a wide range of bathroom accessories. These include CP taps, showers, sanitary ware, ABS fittings, door handles, vanities, and kitchen sinks. The company caters to the growing demand for household fittings across India.
IPO Details – Price, Lot Size & Purpose
The IPO is a fresh issue of 66.63 lakh shares. The price range is Rs 46 to Rs 49 per share. Retail investors need to apply for a minimum lot of 3,000 shares, which requires an investment of Rs 1,47,000. Applications can be made in multiples of 3,000 shares.