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.