Delhi, 11 June (H.S.): After a strong listing, Ganga Bath Fittings’ shares hit a lower circuit.

New Delhi, June 11(HS): The shares of Ganga Bath Fittings made a notable debut on the NSE's SME segment today, opening at ₹59, a 20.41% premium over the IPO price of ₹49. However, shortly after the listing, selling pressure caused the stock to hit a lower circuit at ₹56.05, despite IPO investors still holding a profit of 14.39%. The IPO, which raised ₹32.65 crores, was open for subscription from June 4 to 6 and saw a total subscription of 1.64 times, with QIBs subscribing 2.22 times, NIIs at 0.73 times, and retail investors at 2.55 times.

A total of 6,663,000 new shares were issued with a ₹10 face value. The funds raised will be used for new equipment purchases, working capital, and general corporate expenses. Financial projections indicate strong growth for the company, with net profits rising from ₹2.1 million in 2021-22 to ₹3.1 million in 2022-23, and reaching ₹24.8 million in 2023-24, alongside a CAGR revenue growth of over 19%, which amounted to ₹320.1 million. As of December 2024, net profit reached ₹45.3 million with revenues of ₹323.1 million.

Hindusthan Samachar / Jun Sarkar