- July 23, 2025
GNG Electronics IPO Opens Today: Should You Apply? Check GMP, Price, Lot Size, Subscription, Reviews
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GNG Electronics IPO GMP Today: The grey market premium of the IPO currently stands at 44.30%, indicating strong listing gains for investors.
GNG Electronics IPO.
Should I Subscribe To GNG Electronics IPO? The initial public offering of GNG Electronics Ltd, which refurbishes laptops and desktops, opened for public subscription today, Wednesday, July 23. It will remain open for bidding for three days till July 25. The price band of the mainboard IPO, which plans to raise Rs 460.43 crore, has been fixed in the range of Rs 225 to Rs 237 apiece. Till 10:44 am on the first day of bidding on Wednesday, the issue received a 0.84 times subscription, garnering bids for 1,15,86,330 shares as against the 1,38,73,595 shares on offer.
The retail and NII participation stood at 0.94x and 1.68x, respectively. The QIB category has received a 0.01x subscription.
The IPO’s grey market premium currently stands at 44.30%, indicating strong listing gains for investors.
GNG Electronics IPO Key Dates
The IPO will remain open for subscription between July 23, 2025, and July 25, 2025. The share allotment will likely be finalised on July 28 (Monday), and the company is expected to be listed on both BSE and NSE on July 30 (Wednesday).
GNG Electronics IPO Price & Lot Size
The price band of the IPO has been fixed in the range of Rs 225 to Rs 237 per share.
At the upper-end of the price band, the company’s market valuation is over Rs 2,700 crore.
For investors, the minimum lot size for the IPO is 63. It means investors will have to apply for a minimum of 63 shares or in multiple thereof. So, retail investors require a minimum capital of Rs 14,175 to apply for the IPO.
GNG Electronics IPO GMP
According to market observers, unlisted shares of GNG Electronics Ltd are currently trading at Rs 342 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 105, which is 44.30% over its issue price, indicating strong listing.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
GNG Electronics IPO: Should You Apply?
Brokerages are largely bullish on GNG Electronics Ltd (GEL), recommending investors to subscribe to the IPO for the long term, citing strong financial growth, market leadership in refurbishing, and promising industry tailwinds.
Bajaj Broking gave a ‘Subscribe for long term’ rating, highlighting that GEL is “India’s largest Microsoft authorised refurbisher, in terms of refurbishing capability, as of Fiscal 2025″. It also noted the company’s role as an IT asset disposal partner for India’s second-largest software firm by market cap.
On financials, Bajaj Broking observed that GEL’s revenue and net profit rose from Rs 662.79 crore / Rs 32.43 crore in FY23 to Rs 1,420.37 crore / Rs 69.03 crore in FY25. The average RoNW stands at 30.68%. It added, “If we attribute FY25 annualised earnings then the asking price is at a P/E of 39.17. Based on FY24 earnings, the P/E stands at 51.63.”
However, it flagged revenue concentration as a risk: “In FY25, 75.59% of revenue came solely from laptop sales. A decline in laptop demand could materially impact revenue and profitability.” Dependency on limited suppliers and price fluctuations in parts were also listed as concerns.
SBI Securities echoed the optimism, stating, “The company has registered strong Revenue/EBITDA/PAT CAGR of 46%/58%/46% (FY23–FY25) to Rs 1,411 crore / Rs 117 crore / Rs 69 crore, respectively.” It also cited positive industry trends with India’s refurbished PC market projected to grow at a CAGR of 31.3% till FY30.
The brokerage noted the absence of listed peers in India and said: “At the upper price band of Rs 237, GNG is valued at a P/E of 39.1x based on FY25 earnings. We recommend investors to SUBSCRIBE the IPO at cut-off price.”
Ventura Securities highlighted the company’s five refurbishment facilities across India, UAE, and the US, and said, “We recommend ‘Subscribe’ for GNG Electronics Ltd as we expect margins to improve with debt reduction going ahead.”
Arihant Capital also gave a ‘subscribe’ rating to the IPO and pointed to GNG’s expanding customer base and global presence, and said the company is “well placed to capitalise on the fast-growing refurbished electronics market”. It added, “At Rs 237, the issue is priced at a P/E of 39.14x based on FY25 EPS of Rs 6.1.”
SMIFS also issued a ‘subscribe’ call, noting, “The company has more than doubled revenues to Rs 14,111 million in FY25, with EBITDA rising 2.5x and PAT at Rs 690 million. Return metrics remain strong with ROE at 30.4% and ROCE at 17.31%.” It added that GNG is well-positioned to benefit from ESG-led and affordability-driven global IT demand.
GNG Electronics IPO: More Info
The IPO is a combination of a fresh issue of equity shares aggregating to 400 core and an offer-for-sale (OFS) of 25.5 lakh equity shares by promoters worth Rs 60.43 crore at the upper-end of the price band. This takes the total issue size to Rs 460.43 crore.
Proceeds of the fresh issue will be utilised for the debt payment, funding working capital requirements and for general corporate purposes.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers to the issue. The company is expected to list on the bourses on July 30.
About GNG Electronics
GNG Electronics is one of the leading refurbisher of laptops and desktops with significant presence across India, the US, Europe, Africa, and the UAE.
The company operates under the brand ‘Electronics Bazaar’, with presence across the full refurbishment value chain from sourcing to refurbishment to sales, to after-sale services and providing warranty.
The company’s comprehensive process of refurbishment of ICT devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories ensures that such devices are similar to new in terms of both performance and aesthetics.
Besides, the company is able to offer laptops at one-third price of new devices and other devices like desktops, tablets, servers, premium smart phones, mobile workstations and accessories at 35-50 per cent price of new devices.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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