The GNG Electronics IPO is set to be one of the most significant public offerings in India’s electronics refurbishment sector. With its unique position in the circular economy and rapid growth trajectory, this ₹460.43 crore IPO demands thorough analysis. This comprehensive guide provides essential details including financial performance, lot size, reservation quotas, and expert recommendations to help you make an informed investment decision.
About IPO Details
GNG Electronics Limited is entering the capital markets with a book-built issue combining fresh capital and an offer for sale.
- Issue Type: Book Built IPO (Fresh Issue + OFS)
- IPO Size: ₹460.43 Crores
- Fresh Issue: 1.69 crore shares (₹400.00 Crores)
- Offer for Sale (OFS): 0.26 crore shares (₹60.44 Crores)
- Face Value: ₹2 per share
- Price Band: ₹225 – ₹237 per share
- Listing Exchanges: BSE and NSE
- Market Lot: 63 Shares
- Minimum Investment (1 Lot): ₹14,175 (lower band) to ₹14,931 (upper band)
- Retail Investment Cap: ₹200,000
About the IPO Company Details
GNG Electronics Limited (branded as “Electronics Bazaar”) is India’s premier refurbished electronics ecosystem player with global operations.
- Founded: 2006
- Headquarters: Mumbai, Maharashtra
- Core Business: End-to-end refurbishment services for laptops, desktops, and ICT devices
- Key Services:
- Refurbishment & warranty services
- IT asset disposition (ITAD) and e-waste management
- Buyback solutions for retailers (Vijay Sales, HP, Lenovo)
- Doorstep service and installation
- Global Reach: Operations in 38 countries with 4,154 touchpoints worldwide
- Manufacturing: 1,194 employees as of March 31, 2025
- Use of Proceeds:
- Repayment of borrowings (₹320 Crores)
- General corporate purposes (₹80 Crores)
IPO GMP (Grey Market Premium) Today – July 2025
Note: Official GMP data will be available closer to the opening date. Check back for live updates starting July 20, 2025.
The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and potential listing gains.
- Current GNG Electronics IPO GMP (as of 9th Feb 2025): ₹80- ₹105
- Estimated Listing Price (Based on Upper Band + GMP): ₹237 + ₹105 = ₹300 – ₹340 per share
- Estimated Listing Gain: Approximately 43.46%
- Interpretation: A consistently high GMP (₹80-₹105 range observed over the past week) indicates strong demand and positive market sentiment towards the IPO fundamentals and growth prospects. However, GMP is volatile and unofficial. Monitor it closely until listing.
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
IPO Company Financial Data (₹ in Crores)
GNG Electronics shows impressive growth in the refurbished electronics space:
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 | Growth (YoY) |
|---|---|---|---|---|
| Assets | 285.50 | 585.82 | 719.46 | 22.8%↑ |
| Revenue | 662.79 | 1,143.80 | 1,420.37 | 24.1%↑ |
| Profit After Tax | 32.43 | 52.31 | 69.03 | 32.0%↑ |
| EBITDA | 50.04 | 84.90 | 126.14 | 48.6%↑ |
| Net Worth | 111.60 | 163.14 | 226.46 | 38.8%↑ |
| Total Borrowings | 152.02 | 322.33 | 446.92 | 38.7%↑ |
Key Financial Observations:
- Rapid Scale-up: Revenue grew 114% in 2 years (FY23-FY25)
- Profit Momentum: PAT increased 113% over same period
- Debt-Funded Growth: Borrowings increased to support expansion
- Margin Expansion: EBITDA margins improved from 7.5% (FY23) to 8.9% (FY25)
IPO Application Details & Lot Size
- Application Channels: ASBA via Net Banking, Trading Platforms, Bank Branches
- Bid Size: Multiples of 63 Shares
- Price Band: ₹225 – ₹237 per share
- Investment Requirements:Investor CategoryLotsSharesAmount Range (₹)Retail (Min)16314,175 – 14,931Retail (Max)13819184,275 – 194,103sNII (HNI)14882198,450 – 209,034bNII (HNI)674,221949,725 – 1,000,377
IPO Reservation Quota
Share allocation follows SEBI guidelines:
| Investor Category | Shares Reserved | Percentage |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 97,13,818 | 50.00% |
| Anchor Investors | 58,28,290 | 30.00%* |
| Non-Institutional (NII) | 29,14,146 | 15.00% |
| Retail Individual (RII) | 67,99,673 | 35.00% |
| Total Net Offer | 1,94,27,637 | 100% |
*Anchor portion is subset of QIB quota
IPO Promoters Holding Details
- Promoters: Sharad Khandelwal, Vidhi Sharad Khandelwal, Amiable Electronics Private Limited, Kay Kay Overseas Corporation
- Pre-IPO Holding: 95.01% (9,71,33,880 shares)
- Post-IPO Holding: ~70-75% (Estimated)
- Lock-in Period: Standard SEBI lock-in norms apply
IPO Timeline: Key Dates (July 2025)
| Event | Date | Day |
|---|---|---|
| IPO Opening | July 23, 2025 | Wednesday |
| IPO Closing | July 25, 2025 | Friday |
| Allotment Finalization | July 28, 2025 | Monday |
| Refund Initiation | July 29, 2025 | Tuesday |
| Demat Credit | July 29, 2025 | Tuesday |
| Listing Date | July 30, 2025 | Wednesday |
UPI mandate cutoff: 5 PM on July 25, 2025
IPO Anchor Investor Details
Institutional investors committed ₹138.13 crores pre-IPO:
| Detail | Specification |
|---|---|
| Anchor Bid Date | July 22, 2025 |
| Total Shares | 58,28,290 |
| Amount Raised | ₹138.13 Crores |
| Lock-in Period | 50% for 30 days (till Aug 24, 2025) |
| 50% for 90 days (till Oct 23, 2025) |
IPO Key Performance Indicators (KPIs)
| KPI | Value (Mar 2025) | Industry Benchmark |
|---|---|---|
| ROE | 30.40% | 18-22% |
| ROCE | 17.31% | 15-18% |
| Debt/Equity | 1.95 | 1.2-1.8 |
| PAT Margin | 4.89% | 3-5% |
| EBITDA Margin | 8.94% | 7-10% |
| Pre-IPO EPS | ₹7.11 | N/A |
| Post-IPO EPS | ₹6.05 | N/A |
| Pre-IPO P/E | 33.35x | 30-35x |
| Post-IPO P/E | 39.14x | 35-40x |
Market Capitalization: ₹2,702.07 Crores
IPO Company Contact Details
- Registered Office:
GNG Electronics Limited
Unit No. 415, Hubtown Solaris,
N.S. Phadke Marg, Andheri (East),
Mumbai – 400069, Maharashtra - Phone: +91 22 3123 658
- Email: compliance@electronicsbazaar.com
- Website: https://www.electronicsbazaar.com
IPO Registrar Details
- Registrar Name: Bigshare Services Pvt Ltd
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
- Website: https://ipo.bigshareonline.com
- Services: Application status, allotment queries, refund tracking
IPO Recommendation: Buy Or Not?
Recommendation: SUBSCRIBE FOR LONG-TERM GROWTH
- Strengths:
- Market leadership in organized electronics refurbishment
- Asset-light model with 114% revenue growth in 2 years
- Strategic partnerships with major retailers/OEMs
- Global footprint across 38 countries
- Beneficiary of circular economy trends and e-waste regulations
- Concerns:
- High post-issue P/E of 39.14x
- Debt/Equity ratio of 1.95 is aggressive
- Intense competition from unorganized sector
- Margin sensitivity to input costs
- Execution risk in international expansion
- Verdict: The premium valuation is justified by GNG’s first-mover advantage, scalable business model, and alignment with sustainable electronics trends. Suitable for investors with 3-5 year horizon.
IPO RHP/DRHP Documents
- DRHP Filed: Available on SEBI website
- RHP Access:
- Critical Sections: Risk factors (40+ pages), financial details, object of issue, capital structure
IPO Review: Pros and Cons
| Pros | Cons |
|---|---|
| 1. First-mover advantage in organized refurbishment space | 1. Premium valuation at 39.14x P/E |
| 2. Scalable asset-light model with high growth potential | 2. High leverage (D/E 1.95) |
| 3. Strategic OEM partnerships with HP, Lenovo, etc. | 3. Margin pressure from competition |
| 4. Global footprint across 38 countries | 4. Regulatory risks in e-waste handling |
| 5. Strong financial growth (114% revenue surge in 2 years) | 5. Dependence on retail partners |
| 6. ESG-compliant business aligned with circular economy | 6. Execution risk in debt-funded expansion |
IPO FAQs:
- Q: What is GNG Electronics’ business model?
A: They provide end-to-end refurbishment services for electronics under “Electronics Bazaar” brand, including buyback programs for retailers. - Q: When does the IPO open and close?
A: Opens July 23, 2025; Closes July 25, 2025. - Q: What is the price band?
A: ₹225-₹237 per share. - Q: How are funds being utilized?
A: ₹320 crore for debt repayment, ₹80 crore for corporate purposes. - Q: What is the minimum investment?
A: ₹14,931 (1 lot of 63 shares at upper band). - Q: When is the listing date?
A: Tentatively July 30, 2025. - Q: What is the post-issue P/E ratio?
A: 39.14x based on FY25 earnings. - Q: Who are the book running lead managers?
A: Motilal Oswal Investment Advisors Limited. - Q: How has the company performed financially?
A: 24% revenue growth and 32% PAT growth between FY24-FY25. - Q: Is this IPO suitable for retail investors?
A: Yes, for long-term investors comfortable with premium valuation in high-growth niche.
