Bathroom accessories maker Ganga Bath Fittings' initial public offering was undersubscribed at 42 percent on its first day of bidding, i.e. June 4. The offer will remain open for subscription till June 6.
Investors have bought 28.05 lakh shares compared to the offer size of 66.63 lakh shares via 572 applications.
Nearly 56 percent of bids were from retail investors, and the remaining from institutional and non-institutional investors.
Incorporated in 2018, Ganga Bath Fittings is raising Rs 32.65 crore via public issue of 66.63 lakh shares which consists of solely fresh issue. The price band for the offer is Rs 46-49 per share.
These IPO proceeds will be utilised for purchase of equipment or machineries, repayment of debt, and working capital requirements.
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The company will finalise the IPO share allotment by June 9, while the trading will commence in Ganga Bath Fittings shares on the NSE Emerge effective June 11.
Jawa Capital Services is acting as the merchant banker for Ganga Bath Fittings IPO.
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