🏢 About GNG Electronics
GNG Electronics Ltd, a unit of Electronics Bazaar, is India’s largest refurbisher of ICT devices—laptops, tablets, desktops, and servers. With a global presence spanning 38 countries, the company revived nearly 600,000 devices in FY25 through a robust circular economy model.
💸 IPO Structure & Price Band
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Issue Size: ₹460.44 cr (₹400 cr fresh issue + ₹60.44 cr offer-for-sale)
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Price Band: ₹225 – ₹237 per share ; Reference
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Lot Size: 63 shares (min ₹14,175 per lot)
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Timeline:
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Opened: July 23
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Closes: July 25
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Allotment: July 28
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Listing: Expected July 30 (NSE/BSE)
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⏱️ Lightning-Fast Subscription
The IPO was completely subscribed in under one hour, propelled by strong interest from both NIIs (3×) and retail investors (1.9×) QIB participation was modest at ~3%.
📈 High GMP Signals Strong Demand
Grey Market Premium surged to ₹98–105, pegging GNG’s estimated listing price near ₹340—about 44% above the upper limit.
💡 Why the Frenzy?
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Refurbished Tech Growth – With India’s refurbished device market growing at 30% CAGR, GNG has a first-mover edge
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ESG Appeal – Its eco-friendly model attracts both consumers and ethical investors.
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Global Footprint – Strong presence in emerging markets.
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Investor Confidence – Anchor investments totaling ₹138 cr backed by marquee funds
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Vertex Valuation – Priced at ~33× FY25 earnings, seen as fair for sector leaders.
🔮 Future Outlook
Post-IPO, GNG plans to reduce debt, automate refurb workflows, and expand B2B sales. With strong EBITDA margins (~8–9%) and a 30%+ RoE, the company is positioned for steady growth
⚠️ Risks to Watch
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Market Volatility: GMPs can sharply fluctuate pre-listing.
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Sector Dependence: Heavy dependence on refurbished computing may expose them to demand shifts.
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High Valuation Metrics: At ~33× P/E, expectations are high.
✅ Bottom Line
GNG Electronics’ IPO success—full subscription in an hour and a 44% GMP—reflects strong belief in the refurbished electronics boom. With a solid ESG narrative, global outreach, and clean balance sheet plans, GNG is ready to make a sustainable impact in tech and investor circles alike.
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