The initial public offering (IPO) of GNG Electronics opened to a strong response from investors on Day 1. It was fully subscribed within 1 hour of opening the subscription by retail investors, showing optimism in GNG Electronics.
By mid-afternoon, the company had received bids for 7.34 crore shares, far exceeding the 1.41 crore shares available.
GNG Electronics Subscription Details:
GNG Electronics IPO had been subscribed 9.20 times, receiving bids for over 3.12 crore shares against just 24.81 lakh shares available on Day 1 with non-institutional investors (NIIs) leading the demand by subscribing 18.86 times their allotted quota.
Retail investors booked their share 9.31 times. However, the Qualified Institutional Buyers (QIB) segment remained modestly subscribed at 1.68 times.
GNG Electronics IPO Details:
The total issue size of GNG Electronics IPO is 460.43 crore, which includes a fresh issue of Rs 400 crore and an offer for sale (OFS) of Rs 60.43 crore, consisting of 25.5 lakh shares sold by the promoters.
It opened for subscription on July 23 and will close on July 25, 2025, The price band for the IPO is set between Rs 225 and Rs 237 per share, and investors can apply in a lot size of 63 shares. The share allotment is expected on July 28, and the listing on stock exchanges is likely to take place on July 30, 2025.
The IPO is managed by Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial. While, while Bigshare Services Pvt Ltd is the registrar for the issue.
GNG Electronics raised Rs 138.13 crore from anchor investors ahead of its IPO. The anchor bidding took place on July 22, 2025.
Grey Market Premium (GMP) Update:
GNG Electronics’ shares are trading at a grey market premium (GMP) of Rs 96. Based on the upper end of the price band at Rs 237, the expected listing price could reach around Rs 333, translating into a 40.51% premium, according to investorgain.com.
Based on activity over the last 6 days, today’s GMP is moving up, suggesting a strong listing. The GMP has ranged between Rs 71 and Rs 105 during this period. However, GMP is unofficial and should not be the sole basis for investment decisions. Investors should assess the company’s fundamentals and their risk profile before investing.
Use of Funds:
GNG Electronics plans to use Rs 320 crore from the fresh issue to repay loans taken by the company and its subsidiary, Electronics Bazaar FZC. The remaining funds (not exceeding 25% of the proceeds) will go towards general corporate purposes, such as operational expansion, marketing, and working capital needs.
Should you Apply?
Brokerage firms are positive about the GNG Electronics IPO. Arihant Capital, Canara Bank, Ventura Securities, and SBI Cap Securities have given it a Apply rating, saying the company has strong profits and good growth potential.
“GNG Electronics is well-positioned to benefit from the fast-growing refurbished electronics market, with strong growth expected globally and in India. The company has doubled its customer base in two years and is expanding further. Priced at a P/E of 39.14x (FY25 EPS Rs 6.1), the IPO looks promising. We have a Subscribe rating for this IPO.” Noted, Arihant Capital in Its report.
GNG Electronics has a strong position in the fast-growing refurbished electronics market, integrated business model, and early-mover advantage. As demand shifts to organized players, the company is well-placed to benefit. The IPO is priced reasonably at a P/E of 33.43x. We recommend it Subscribe for medium to long-term investors,” said Canara Bank in its report.
“The company is expected to repay debt of Rs 320 crore in FY26, which shall aid in saving on interest costs and boost profitability. Further, the company does not have any listed like-for-like industry peers in India. We recommend investors to SUBSCRIBE the IPO at cut-off price,: said SBI Securities.
Company Overview:
Founded in 2006, GNG Electronics is India’s largest refurbisher of laptops and desktops. The company operates under the brand “Electronics Bazaar” and specializes in repairing and restoring used electronic devices like laptops, desktops, tablets, servers, and smartphones.
GNG serves a wide range of customers-from individuals to schools and large enterprises-and exports to 38 countries including the US, UAE, UK, and several in Europe and Africa. The company has five refurbishment centers spread across India, the US, and the UAE.
In FY25, GNG refurbished over 5.9 lakh devices and reported a revenue of Rs 1,411 crore. Laptops accounted for more than 75% of its income. Its parent company is Amiable Electronics Pvt Ltd.