Curis Lifesciences IPO...
01 Nov, 2025
GNG Electronics Limited IPO
GNG Electronics Limited will be offering its Mainboard IPO between July 23 and July 25, 2025, with a target of raising about ₹460.43 crores. The GNG Electronics Limited IPO would include an offer for sale of about ₹60.44 crore and a new issue of ₹400 crore. The market lot is 63 shares, the price range is fixed at ₹225-237 per share, and the minimum amount that retail investors must deposit is ₹14,931. It is anticipated that the equity shares will go public on the BSE and NSE on July 30, 2025. On July 28, the allocation will be finalised, and on July 29, the shares will be refunded and credited to the depository accounts. Bigshare Services Pvt Ltd is the registrar, while Motilal Oswal Investment Advisors Limited is the lead manager.
Company Background
The company was first incorporated as GNG Electronics Private Limited in October 2006 and converted to a public company in November 2024 and renamed as GNG Electronics Limited. GNG Electronics, based in Mumbai, has emerged as one of the top refurbishers and sellers of Information and Communication Technology (ICT) devices, particularly laptops and desktops. The company has been trading under the name Electronics Bazaar and specializes in the sale of cost-effective and dependable refurbished electronics to the domestic and international markets.
Operations & Product Range
Facility & Production
GNG Electronics has state-of-the-art refurbishing facilities that are fully equipped, diagnostics, repair, quality certification and after-sales support. They have developed their main refurbishing and warehousing facility in Mumbai and also have a major presence in the UAE and cater to customers in the US and other global territories. Such a combined manufacturing facility will allow complete refurbishment and maintain a uniform product quality in line with international standards.
Brands & Market Presence
The company’s flagship brand, “Electronics Bazaar,” is India’s largest Microsoft-certified refurbisher and a certified partner of global brands such as HP and Lenovo in India. They have refurbished product lines, such as laptops, desktops, tablets, servers, smartphones, and accessories. GNG serves the customers not only in India, but also in the USA, Europe, Africa, and the Middle East, which makes it a leading export-oriented company in the segment.
Revenue Channels
GNG Electronics makes the majority of its revenue through B2B sales to institutional customers and export partners, with approximately 94 percent of its revenue in FY24 coming overseas, particularly through its subsidiary in the UAE, Electronics Bazaar FZC. The company also uses e-commerce and direct retail sales but its core competency is in international wholesale distribution of refurbished ICT devices, which serve 38 countries in major geographies. Such a high level of export orientation has enabled GNG Electronics to become a global leader in ICT refurbishment.
Management & Shareholding
Promoters & Shareholding
Sharad Khandelwal serves as the Managing Director and is a key promoter, bringing extensive experience in ICT and business scaling. Pre-IPO, promoters hold approximately 95% stake in the company, which is expected to dilute post-issue as shares are offered to the public.
Board Members
The board includes professionals such as Amit Midha—who brings global leadership expertise from Dell Technologies and now serves as Non-Executive, Non-Independent Director—and Ajay Pancholi, a veteran in investment banking and corporate finance who also sits on the board. This combination of operational and financial expertise supports the company’s rapid national and international expansion.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
GNG Electronics Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
GNG Electronics Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 23, 2025 to July 25, 2025 |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | ₹225 to ₹237 per share |
| Lot Size | 63 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,94,27,637 shares (aggregating up to ₹460.43 Cr) |
| Fresh Issue | 1,68,77,637 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 25,50,000 shares of ₹2 (aggregating up to ₹60.44 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 9,71,33,880 shares |
| Share Holding Post Issue | 11,40,11,517 shares |
GNG Electronics Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Jul 23, 2025 |
| IPO Close Date | Fri, Jul 25, 2025 |
| Tentative Allotment | Mon, Jul 28, 2025 |
| Initiation of Refunds | Tue, Jul 29, 2025 |
| Credit of Shares to Demat | Tue, Jul 29, 2025 |
| Tentative Listing Date | Wed, Jul 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 25, 2025 |
GNG Electronics Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,931 |
| Retail (Max) | 13 | 819 | ₹1,94,103 |
| S-HNI (Min) | 14 | 882 | ₹2,09,034 |
| S-HNI (Max) | 66 | 4,158 | ₹9,85,446 |
| B-HNI (Min) | 67 | 4,221 | ₹10,00,377 |
GNG Electronics Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 95.01% |
| Share Holding Post Issue | - |
Competitive Strength:
- ● Largest refurbisher of laptops and desktops in India with a strong international presence.
- ● Certified by Microsoft, HP, and Lenovo, ensuring high product credibility.
- ● Operates advanced refurbishing facilities in India, the UAE, and the USA.
- ● Extensive global sales and sourcing network across 38 countries.
- ● Integrated value chain from sourcing to after-sales under the Electronics Bazaar brand.
- ● Strong financial growth and an experienced management team.
GNG Electronics Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 719.46 | 1,420.37 | 69.03 | 226.46 | 446.92 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 585.82 | 1,143.80 | 52.31 | 163.14 | 322.33 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 285.5 | 662.79 | 32.43 | 111.6 | 152.02 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.40% |
| ROCE | 17.31% |
| Debt/Equity | 1.95 |
| RoNW | 30.40% |
| PAT Margin | 4.89% |
| EBITDA Margin | 8.94% |
| Price to Book Value | 10.17 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.11 | 6.05 |
| P/E (x) | 33.35 | 39.14 |
IPO Objectives
The main purpose of the IPO will be to prepay or repay some of the outstanding borrowings of both GNG Electronics Limited and its material subsidiary, Electronics Bazaar FZC, and therefore, de-leverage and enhance the balance sheet. Part of the proceeds will also be used to cover general corporate purposes such as administration costs, brand development, working capital and strategic growth projects. The other important objective is to facilitate the international growth of the company, particularly strengthening the operations and working capital of its UAE subsidiary, which is the hub of the company's exports and overseas business.
Conclusion
GNG Electronics Ltd. is also well placed to continue to establish itself as a leading player in the refurbished ICT device market with a tried and tested business model, international supply chain and distribution network. The IPO will enhance financial flexibility, drive expansion, particularly in foreign markets and strengthen its corporate image. The company has good fundamentals and an export orientation, combined with the sustainability and affordability trends of the segment, and it is an attractive target to long-term investors, but as with any IPO, sectoral and competitive risks should be carefully considered.
RHP:
DRHP:
Read more :
- TSC India Limited IPO
- Monarch Surveyors & Engineering Consultants Limited IPO
- Swastika Castal Limited IPO
Frequently asked Questions (FAQs )
-
1. When is the GNG Electronics IPO open for subscription?
The IPO opens on July 23, 2025, and closes on July 25, 2025.
-
2. What is the price band and minimum lot size for the IPO?
The price band is ₹225-237 per share and the minimum application is 63 shares, where the upper end is ₹14,931.
-
3. How many shares and what amount is being offered through the IPO?
The IPO would raise 460.43 crore, which includes an offer for sale of about 60.44 crore and a new issue of shares valued at 400 crore.
-
4. When will the IPO be listed on which exchanges?
On July 30, 2025, the IPO is anticipated to list on the BSE and NSE.
-
5. What does GNG Electronics Limited do?
GNG Electronics is a market leader in the refurbishing of ICT devices with a focus on laptops, desktops, tablets, smartphones, and servers and has robust B2B and export business under the Electronics Bazaar brand.
.jpg)
