GNG Electronics received bids for 207.6 crore shares as against 1.41 crore shares on offer. The qualified institutional buyer (QIB) portion was subscribed the most at 266.21 times, followed by the non-institutional investors (NIIs) segment at 226.19 times subscription. The retail investors category was booked 44.31 times.
In the unlisted market, shares of GNG Electronics were commanding a premium of ₹100, implying a potential listing gain of 42% over the issue price.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The price band for the IPO has been fixed at ₹225 to ₹237 per share. Investors can bid for a minimum of 63 shares and in multiples thereof.
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.
Proceeds of the fresh issue will be utilised for the debt payment, funding working capital requirements and for general corporate purposes.
GNG Electronics is touted to be India’s largest refurbisher of laptops and desktops and ranks among the largest refurbishers of ICT devices globally. The company operates under the brand ‘Electronics Bazaar’ and has established its presence across the entire refurbishment value chain.
GNG has a huge presence across India, USA, Europe, Africa and UAE and is India’s largest Microsoft authorised refurbisher in terms of refurbishing capabilities.
Financially, GNG has reported strong growth. Revenue rose 24% year-on-year to ₹1,420 crore in FY25, while profit after tax jumped 32% to ₹69 crore.
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers to the issue.
The allotment for the GNG Electronics IPO is expected to be finalised on July 28, and the company is expected to list on the bourses on July 30.
