GNG Electronics IPO booked 23x on day 2 so far; latest GMP suggest big gains
GNG Electronics is selling its shares in the price band of Rs 225-237, applied for a minimum of 63 shares and its multiples to raise a total of Rs 460.43 crore between July 23-25.
- Jul 24, 2025,
- Updated Jul 24, 2025 3:48 PM IST
The initial public offering (IPO) of GNG Electronics continued to see a robust response during the second day of the bidding process from all the categories of the investors. The issue, which kicked off on Wednesday, July 23, was overall booked more than 9 times on the first day of the issue.
GNG Electronics is selling its shares in the price band of Rs 225-237 apiece. Investors can apply for a minimum of 63 shares and its multiples thereafter. It is looking to raise Rs 460.43 crore via IPO, which is a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 25.50 lakh shares worth Rs 60.43 crore.
According to the data, the investors made bids for 32,00,90,085 equity shares, or 22.56 times, compared to the 1,41,88,644 equity shares offered for the subscription by 3.05 pm on Thursday, July 24, 2025. The three day bidding for the issue shall conclude on Friday, July 25.
The allocation for retail investors was subscribed 20.11 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 55.66 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for 2.07 times as of the same time.
Incorporated in 2006, Mumbai-based GNG Electronics offers refurbishing services for laptops, desktops and ICT Devices, both globally and in India under the 'Electronics Bazaar' brand. It has a significant presence across India, USA, Europe, Africa and UAE, offering sourcing to refurbishment to sales to after-sales services and providing warranty.
The grey market premium (GMP) of GNG Electronics has seen a sharp rise despite the rising volatility due to bumper bidding for the issue. Last heard, the company was commanding a premium of Rs 100-105 per share in the unofficial market, suggesting 42-45 per cent listing gains for the investors. The GMP stood around Rs 85, when the price band was announced.
Analysts mostly have a positive view on this issue and suggest subscribing to it citing its strong market presence, reasonable valuations, solid financials, reducing debt and bumper demand for its products. The company has no listed peers as of now.
Its diversified portfolio of 5,840 SKUs as of March 31, 2025, reflects a strong customer-centric product strategy, catering to different budgets and enterprise needs. While the company benefits from its partnerships with large-format retailers, the sector faces challenges from unorganized players, tightening regulations, and pressure on margins due to the nature of refurbished device pricing, said Choice Broking.
"Growth prospects remain healthy with increased demand for affordable digital devices and sustainability-led practices, though margin expansion may remain limited due to competitive pressures and dependency on large clients. Therefore, considering its niche market position, scalable business model, and long-term growth potential , we recommend a 'subscribe for long term," it said.
Ahead of its IPO, GNG Electronics has raised Rs 138.13 crore via anchor book as it finalised allocation of 58.28 lakh shares at Rs 237 apiece. It has reserved a net 50 per cent offer for qualified institutional bidders (QIBs), while non institutional investors shall have 50 per cent of allocation reserved for them. Retail investors will have 35 per cent of allocation in the net offer.
GNG lectronics is one of the leading refurbishers of laptops and desktops in India and fulfills the demands of the burgeoning industry as the company intends to expand its footprint and increase market presence in India and other countries to capitalize on the industry tailwinds, said Master Capital Services.
"GNG Electronics aims to expand partnerships with OEM brands, with a focus on sustainability and unlock new growth opportunities, enter ESG-driven markets, and establish a sustainable competitive edge in the global ICT Devices refurbishment industry. Investors looking to invest can invest in the IPO for the long term," it added.
GNG Electronics reported a net profit of Rs 69.03 crore with a revenue of Rs 1,420.37 crore for the financial year ended on March 31, 2025. Its net profit stood at Rs 52.31 crore with a revenue of Rs 1,143.80 crore for the year 2023-24. At the IPO prices, the company commands a market capitalization close to Rs 2,700 crore.
The issue is managed by Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial, while Bigshare Services serves as the registrar for the IPO of GNG Electronics. Shares of the company shall be listed on both BSE and NSE with Wednesday, July 30 as the tentative date of listing.
The initial public offering (IPO) of GNG Electronics continued to see a robust response during the second day of the bidding process from all the categories of the investors. The issue, which kicked off on Wednesday, July 23, was overall booked more than 9 times on the first day of the issue.
GNG Electronics is selling its shares in the price band of Rs 225-237 apiece. Investors can apply for a minimum of 63 shares and its multiples thereafter. It is looking to raise Rs 460.43 crore via IPO, which is a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 25.50 lakh shares worth Rs 60.43 crore.
According to the data, the investors made bids for 32,00,90,085 equity shares, or 22.56 times, compared to the 1,41,88,644 equity shares offered for the subscription by 3.05 pm on Thursday, July 24, 2025. The three day bidding for the issue shall conclude on Friday, July 25.
The allocation for retail investors was subscribed 20.11 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 55.66 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for 2.07 times as of the same time.
Incorporated in 2006, Mumbai-based GNG Electronics offers refurbishing services for laptops, desktops and ICT Devices, both globally and in India under the 'Electronics Bazaar' brand. It has a significant presence across India, USA, Europe, Africa and UAE, offering sourcing to refurbishment to sales to after-sales services and providing warranty.
The grey market premium (GMP) of GNG Electronics has seen a sharp rise despite the rising volatility due to bumper bidding for the issue. Last heard, the company was commanding a premium of Rs 100-105 per share in the unofficial market, suggesting 42-45 per cent listing gains for the investors. The GMP stood around Rs 85, when the price band was announced.
Analysts mostly have a positive view on this issue and suggest subscribing to it citing its strong market presence, reasonable valuations, solid financials, reducing debt and bumper demand for its products. The company has no listed peers as of now.
Its diversified portfolio of 5,840 SKUs as of March 31, 2025, reflects a strong customer-centric product strategy, catering to different budgets and enterprise needs. While the company benefits from its partnerships with large-format retailers, the sector faces challenges from unorganized players, tightening regulations, and pressure on margins due to the nature of refurbished device pricing, said Choice Broking.
"Growth prospects remain healthy with increased demand for affordable digital devices and sustainability-led practices, though margin expansion may remain limited due to competitive pressures and dependency on large clients. Therefore, considering its niche market position, scalable business model, and long-term growth potential , we recommend a 'subscribe for long term," it said.
Ahead of its IPO, GNG Electronics has raised Rs 138.13 crore via anchor book as it finalised allocation of 58.28 lakh shares at Rs 237 apiece. It has reserved a net 50 per cent offer for qualified institutional bidders (QIBs), while non institutional investors shall have 50 per cent of allocation reserved for them. Retail investors will have 35 per cent of allocation in the net offer.
GNG lectronics is one of the leading refurbishers of laptops and desktops in India and fulfills the demands of the burgeoning industry as the company intends to expand its footprint and increase market presence in India and other countries to capitalize on the industry tailwinds, said Master Capital Services.
"GNG Electronics aims to expand partnerships with OEM brands, with a focus on sustainability and unlock new growth opportunities, enter ESG-driven markets, and establish a sustainable competitive edge in the global ICT Devices refurbishment industry. Investors looking to invest can invest in the IPO for the long term," it added.
GNG Electronics reported a net profit of Rs 69.03 crore with a revenue of Rs 1,420.37 crore for the financial year ended on March 31, 2025. Its net profit stood at Rs 52.31 crore with a revenue of Rs 1,143.80 crore for the year 2023-24. At the IPO prices, the company commands a market capitalization close to Rs 2,700 crore.
The issue is managed by Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial, while Bigshare Services serves as the registrar for the IPO of GNG Electronics. Shares of the company shall be listed on both BSE and NSE with Wednesday, July 30 as the tentative date of listing.