The company received bids for 144.8 crore shares against 1.41 crore shares on offer. Non-institutional investors (NIIs) led the demand with a 203.72 times subscription, followed by retail investors at 40.57 times. The qualified institutional buyer (QIB) segment saw a 133.73 times subscription.
GNG Electronics IPO GMP
In the grey market, GNG Electronics shares were quoting a premium of Rs 96–100, implying a potential 41% gain over the upper end of the price band. However, the grey market premium (GMP) slipped slightly from Rs 100–105 a day earlier.
GNG Electronics IPO Details
The IPO comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) worth Rs 60.44 crore by existing shareholders. The price band is set at Rs 225–237 per share, valuing the company at a price-to-earnings (P/E) ratio of 33.3x, based on FY25 earnings.
Ahead of the IPO, the company raised Rs 138 crore from anchor investors on July 22 by allotting over 58 lakh shares.
Should You Subscribe?
SBI Securities and Canara Bank Securities have both given GNG Electronics a “Subscribe” rating, citing its scale, growth trajectory, and strategic positioning.“GNG operates in a fragmented but fast-formalising market. With operations in 38 countries, refurbishment of over 5.9 lakh devices in FY25, and a 46% revenue CAGR over FY23–FY25, the company is well-positioned to benefit from affordability-driven demand and ESG tailwinds,” the brokerages said.
Financials and Valuation
GNG more than doubled its revenue and profit in the past two years. In FY25, revenue rose to Rs 1,411 crore and net profit stood at Rs 69 crore, up from Rs 659.5 crore and Rs 32.4 crore in FY23. EBITDA margin also improved from 7.6% to 8.9%.
Working capital increased to Rs 261 crore in FY25, a 2.5x jump from FY23. Based on FY25 earnings and post-issue equity, the stock is priced at a P/E of up to 39x. The company currently has no direct listed peer on the main board.
GNG Electronics IPO Key Dates
The IPO will remain open from July 23 to July 25, 2025. The allotment is expected to be finalized on Monday, July 28, with a tentative listing date of Wednesday, July 30 on both BSE and NSE.
Lead Managers
Motilal Oswal Investment Advisors Limited is the book-running lead manager to the issue, and Bigshare Services Pvt Ltd is the registrar.
About GNG Electronics
GNG Electronics, which operates under the Electronics Bazaar brand, is India’s largest refurbisher of laptops and desktops. The company scaled up its refurbished volume from 2.5 lakh devices in FY23 to 5.9 lakh in FY25. Its procurement network also grew from 265 to 557 partners during the same period.
Laptops contributed 75.6% of FY25 revenue, with the rest coming from desktops, tablets, smartphones, servers, and other electronics. As of March 2025, GNG had a presence in 38 countries and operated 4,154 customer touchpoints.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)