Goldman Sachs Fund, Motilal Oswal Mutual Fund, Buoyant Opportunities Strategy, Edelweiss Mutual Fund, and Mirae Asset Mutual Fund have been allotted shares in the anchor round, according to a circular uploaded on BSE’s website.
As per the circular, GNG Electronics has allotted 58,28,290 equity shares to 14 funds at ₹237 apiece. This takes the total transaction size to ₹
138.13 crore.
The ₹460-crore initial public offering (IPO) will open for subscription on July 23 and conclude on July 25. The price band has been set at ₹225 to ₹237 per share.
At the upper end of the price band, the company’s market valuation is over ₹2,700 crore.
The IPO is a combination of a fresh issue of equity shares aggregating to 400 core and an offer for sale (OFS) of 25.5 lakh equity shares by promoters worth ₹60.43 crore at the upper end of the price band. This takes the total issue size to ₹460.43 crore.
Proceeds of the fresh issue will be utilised for the debt payment, funding working capital requirements and for general corporate purposes.
GNG Electronics is one of the leading refurbishers of laptops and desktops with significant presence across India, the US, Europe, Africa, and the UAE.
The company operates under the brand “Electronics Bazaar,” with presence across the full refurbishment value chain from sourcing to refurbishment to sales, to after-sale services and providing warranty.
The company’s comprehensive process of refurbishment of ICT devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories ensures that such devices are similar to new in terms of both performance and aesthetics and able to offer laptops at one-third price of new devices and other devices like desktops, tablets, servers, premium smart phones, mobile workstations and accessories at 35-50% price of new devices.
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers to the issue. The company is expected to list on the bourses on July 30.
