GNG Electronics IPO opens today: Check issues details, brokerage review & latest GMP

The initial public offering (IPO) of GNG Electronics is set to open on Wednesday, July 23. The company is offering its shares in the range of Rs Rs 225-237 apiece. Investors can apply for a minimum of 63 equity shares and its multiples thereafter. The issue shall close for bidding on Friday, July 24.

GNG Electronics is looking to raise a total of Rs 460.43 crore via its primary offering which includes a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 25,50,000 equity shares worth Rs 60.43 crore by the promoters and existing shareholders. The proceeds from the fresh issue shall be used towards debt repayment and general corporate purposes.

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.

GNG Electronics has raised Rs 138.13 crore via anchor book as it finalised allocation of 58.28 lakh shares at Rs 237 apiece. Its anchor book included names like Goldman Sachs, Motilal Oswal Mutual Fund, Mirae Asset, Edelweiss Trusteeship, Buoyant Opportunities Strategy, Bengal Finance, M7 Global Fund,  Mint Focused Growth Fund and Founders Collective Fund.

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.

GNG Electronics has reserved 50 per cent of the offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of the net issue. Retail investors will have the remaining 35 per cent of shares reserved for them. It was commanding a grey market premium of Rs 95-100 apeice, suggesting a listing pop of around 40 per cent for investors.

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. Here's what a host of brokerage firms say about the IPO of GNG Electronics:
 

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
On valuation parse, based on annualised FY25 it is seeking PE of 39.1 times, and post issue market cap comes at Rs 2,702 crore with this the issue is fully priced. The business requires a significant amount of working capital due to time lag between purchase of devices to be refurbished and sale of inventory, said Anand Rathi Shares & Stock Brokers.

"We believe the company might have the first mover advantage in the domain of electronics catering global and domestic refurbishments especially B2B customer expansion, which remains a key focus area going forward. Hence, we give 'subscribe for long-term ' rating for the issue," he said.
 

Arihant Capital Markets
Rating: Subscribe
GNG Electronics is well placed to capitalize on the fast-growing refurbished electronics market, with global demand expected to grow at a 17.4 per cent CAGR and India’s market at 30 per cent through FY30. It has doubled its customer base in two years and expanded operations across key regions, said Arihant Capital.

"Going forward, it aims to reach more retail and institutional buyers with affordable, reliable devices backed by flexible services and stronger digital outreach. The issue is priced at a P/E of 39.14 times based on the FY25 EPS of Rs 6.1. We have a 'subscribe' rating for the issue," it added.
 

Canara Bank Securities
Rating: Subscribe
GNG Electronics has established a strong competitive position in the high-growth refurbished ICT device industry, supported by global OEM partnerships, deep B2B integrations, and a fully integrated business model. Its first-mover advantage and end-to-end control in the refurbishment chain provide both scale and sustainability, said Canara Bank Securities.

"With favorable industry tailwinds and a growing global presence, the company stands to gain as demand shifts from unorganized to organized players. The IPO appears reasonable considering its growth prospects, sector leadership, and asset-light model. We recommend a 'subscribe' rating for well-informed investors with a medium to long-term horizon,"' it added.
 

Ventura Securities
Rating: Subscribe
The number of customers served grew from 1,833 to 4,154, and procurement partners expanded from 265 to 557 over FY23 to FY25. It has a wide sales network spanning 38 countries In FY25, 75.6 per cent of their operational revenue was derived from laptop sales, said Ventura Securities with a 'subscribe' rating as it expects margins to improve with debt reduction going ahead.
 

GEPL Capital
Rating: Subscribe
GNG Electronics is expanding its procurement network and strengthening strategic alliances with global brands like HP and Lenovo, increasing its procurement partners from 265 in FY23 to 557 in FY25. It has presence across 38 countries, said GEPL Capital in its IPO note.

"Based on the FY25 annualized earnings relative to the company's post-IPO paid-up capital, the issue is priced at a P/E ratio of 39 times. We believe that the company is fairly valued and generated healthy growth in revenue, Ebitda and net profit from FY22 to FY24. Therefore, we recommend a “Subscribe” rating for the issue," it added.
 

SBI Securities
Rating: Subscribe
"The industry forecast indicates a healthy growth for the global refurbished PC market/Indian refurbished PC market and is projected to expand at a CAGR of 18.9 per cent/31.3 per cent during the CY24- CY29E/FY25-FY30E period respectively. It does not have any listed like-for-like industry peers in India. We recommend investors to 'subscribe' to the IPO," said SBI Securities.
 

SMIFS
Rating: Subscribe
"We recommend subscribing to the issue for long-term investment, as the company is well-positioned to benefit from robust growth tailwinds in the IT asset disposition (ITAD) segment and the expanding refurbished products market, in addition to gaining scale-driven advantages," said SMIFS.