GNG Electronics, the refurbishing brand behind Electronics Bazaar, launched its ₹460 crore Initial Public Offering (IPO) on July 23, 2025, to strong market enthusiasm. The IPO comprises a fresh issue of ₹400 crore and an offer-for-sale (OFS) of ₹60.4 crore, with a price band set at ₹225–₹237 per share. Investors can bid in lots of 63 shares, requiring a minimum investment of ₹14,931 at the upper band.
Even before opening to the public, the IPO created waves in the grey market. GNG Electronics’ shares were trading at a premium of ₹74–₹76, translating to a 31% markup over the issue price. On the day of the IPO launch, the premium surged to 44%, signaling high investor confidence and anticipation of a strong listing.
Brokerages like SBI Securities and Canara Bank Securities gave the issue a “Subscribe” rating, citing GNG’s rapid revenue growth, dominant B2B model, and rising demand for refurbished electronics in India. Analysts emphasized that the company’s operational scale, especially in laptop refurbishment and e-waste reduction, aligns well with the government’s “Digital India” and sustainability goals.
Anchor Investors and Financials Reflect Market Confidence
Ahead of the public issue, GNG Electronics raised ₹138 crore from marquee anchor investors such as Goldman Sachs Fund, Motilal Oswal Mutual Fund, Edelweiss, Mirae Asset, and Buoyant Opportunities. These investors were allotted shares at ₹237 apiece, reinforcing the credibility and institutional backing of the IPO.
The financials support the optimism. GNG’s revenue grew from ₹659.5 crore in FY23 to ₹1,411 crore in FY25. Net profit nearly doubled to ₹69 crore in the same period, while EBITDA margins improved from 7.6% to 8.9%. However, the company’s working capital requirement rose significantly to ₹261 crore—something analysts are monitoring closely.
Most of the IPO proceeds (₹320 crore) will be used to repay debts of GNG and its subsidiary, while the rest will go towards general corporate purposes. At the upper price band, the IPO is valued at a post-issue price-to-earnings (P/E) ratio of approximately 33.3x based on FY25 earnings.
High Demand and Key Dates Ahead
The IPO witnessed overwhelming response on Day 1. It was fully subscribed within the first hour of bidding, with non-institutional investors (NIIs) oversubscribing their portion by 3x. Retail investor enthusiasm also remained high, reflecting growing interest in GNG electronics-focused tech ventures.
The subscription window will remain open until July 25, 2025. Allotment is expected by July 28, and refunds will be processed on July 29. Shares are scheduled to be listed on both NSE and BSE by July 30, marking a crucial moment for investors betting on India’s growing refurbished electronics sector.
Investors can apply based on tiered lot sizes—retail (63 shares), small NIIs (882 shares), and large NIIs (4,221 shares). The IPO is being managed by Motilal Oswal, IIFL Capital, and JM Financial, with Bigshare Services as the registrar.
With a strong grey market premium, swift anchor funding, and encouraging financials, the GNG Electronics IPO stands out in 2025’s IPO calendar. While risks tied to working capital and valuation persist, early investor demand points to a potentially rewarding listing. As the public issue progresses, the spotlight now shifts to the final subscription numbers and the July 30 debut on the stock exchanges.
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