The initial public offering of Ganga Bath Fittings – a bathroom accessories maker - was fully subscribed on June 5, on the second day of bidding, with the issue set to close for subscription on June 6.
The company is raising Rs 32.65 crore via maiden public issue at the upper price band, with a solely fresh issue of 66.63 lakh shares at a price band of Rs 46-49 per share.
Investors have subscribed for 66.57 lakh equity shares in the last two days through 1,606 applications, with retail investors putting in the maximum bids at 45.51 lakh shares, and the remaining shares subscribed by non-retail investors.
Ganga Bath Fittings competes with listed peers like Hindware Home Innovation and Cera Sanitaryware, and aims to utilise offer proceeds for the purchase of equipment/machineries, repayment of debt, and working capital requirement.
The company is seeking a valuation of nearly Rs 110 crore, and derives revenue from three verticals - sale of goods under own brands (Ganga, Glimpse, Stepian, and Tora), sale of goods to OEMs (original equipment manufacturers) on contract manufacturing basis, and sanitary trading.
Jawa Capital Services is acting as the book running lead manager to the issue.
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