At GNG Electronics Limited, they are revolutionizing the way technology is accessed, utilized, and sustained. GNG Electronics Limited, as the parent company of Electronics Bazaar, they specialize in offering high-quality refurbished laptops and desktops tailored to meet the needs of individuals, businesses, and organizations. 

GNG Electronics, an Book Built Issue, amounting to ₹ 460.44 Crores, consisting an Fresh Issue of 168.77 Lakh Shares worth ₹ 400.00 Crores and an Offer for Sale of 25.50 Lakh Shares totaling to ₹ 60.44 Crores. The subscription period for the GNG Electronics IPO opens on July 23, 2025, and closes on July 25, 2025. The allotment is expected to be finalized on or about Monday, July 28, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Wednesday, July 30, 2025.

The Share Price Band of GNG Electronics IPO is set at ₹ 225 to ₹ 237 per equity share. The Market Capitalisation of the GNG Electronics at IPO price of ₹ 237 per equity share will be ₹ 2,702.07 Crores. The lot size of the IPO is 63 shares. Retail investors are required to invest a minimum of ₹ 14,931 (63 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (882 shares), amounting to ₹ 2,09,034.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and JM Financial Limited are the book running lead manager of the GNG Electronics, while Bigshare Services Private Limited is the registrar for the issue. 

GNG Electronics Limited IPO GMP Today
The Grey Market Premium of GNG Electronics IPO is expected to be ₹ 43 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

GNG Electronics Limited IPO Live Subscription Status Today: Real-Time Update
As of 11:30 AM on 25 July, 2025, the GNG Electronics Limited IPO live subscription status shows that the IPO subscribed 14.37 times on its Final Day of subscription period. Check the GNG Electronics IPO Live Subscription Status Today at BSE.

GNG ElectronicsIPO Anchor Investors Report
GNG Electronics has raised ₹ 138.13 Crores from Anchor Investors at a price of ₹ 237 per shares in consultation of the Book Running Lead Managers. The company allocated 58,28,290 equity shares to the Anchor Investors. Check Full List of GNG Electronics Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.

GNG Electronics Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
21 July 2025	₹ 237	₹ 255	₹ 43 (18.14%)	07:00 PM; 21 July 2025

GNG Electronics Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
GNG Electronics IPO allotment date is 28 July, 2025, Monday. GNG Electronics IPO Allotment will be out on 28th July, 2025 and will be live on Registrar Website from the allotment date. Check GNG Electronics IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select GNG Electronics Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of GNG Electronics Limited IPO
GNG Electronics to utilise the Net Proceeds towards the following objects: 
1. ₹ 3,200.00 Million is required for Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company and our Material Subsidiary namely, Electronics Bazaar FZC; and
2. General corporate purposes.

Refer to GNG Electronics Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

The Upcoming IPOs in this week and coming weeks are Sellowrap Industries, Repono, Shanti Gold International, Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, Patel Chem Specialities, Monarch Surveyors & Engineering Consultants, TSC India, NSDL.

The Current active IPO are Swastika Castal, Savy Infra.

The Closed IPOs are Monika Alcobev.

The Recently Listed IPOs which is available for trading in stock Market are Anthem Biosciences, Spunweb Nonwoven, Glen Industries, Chemkart India, Travel Food Services, Smarten Power Systems, Happy Square Outsourcing Services, Cryogenic OGS, Crizac, Ace Alpha Tech, PRO FX Tech,Suntech Infra Solutions, Supertech EV, Rama Telecom, Sambhav Steel Tubes, HDB Financials, Abram Food and many more.

Read more

About GNG Electronics Limited

BUSINESS OVERVIEW

GNG Electronics is India’s largest refurbisher of laptops and desktops and among the leading global refurbishers of ICT devices, with operations across India, the USA, Europe, Africa, and the UAE (Source: 1Lattice Report, March 31, 2025). Emphasizing a repair-over-replacement approach, the company champions cost-efficiency and sustainability by minimizing carbon footprint.

Recognized as India’s largest Microsoft Authorised Refurbisher by capability (FY25), GNG also serves as the IT asset disposal partner for India’s second-largest software company (by market cap).

The global refurbished PC market grew from US$ 9.7B (CY18) to US$ 17.1B (CY24) and is projected to reach US$ 40.6B (CY29) at an 18.9% CAGR. In India, the market surged from US$ 0.2B (FY19) to US$ 1B (FY25), with expectations of US$ 4B (FY30) at a 30% CAGR. The organized segment is expanding rapidly, set to rise from 13.2% (FY25) to 39.7% (FY30).

Operating under the “Electronics Bazaar” brand, the company spans the entire refurbishment chain—from sourcing to after-sales service—offering products at 35–66% below new device prices. Electronics Bazaar pioneered warranty-backed refurbished devices and offers industry-leading terms.

Certified by Lenovo and HP (holding 26% and 22% global market share in CY24, respectively), GNG also provides ITAD, e-waste management, installation, servicing, upgrades, and buyback programs.

As of March 31, 2025, GNG offered 5,840 SKUs—including open-box and new ICT products—sold across 38 countries via 4,154 touchpoints, including resellers, integrators, distributors, e-tailers, and leasing firms.

Key clients include Joy Systems Inc, HUBX LLC, PlanITROI LLC (USA); PhoenixRM Ltd, ATX Computers (Europe); HP India, Lenovo India, Vijay Sales (India).

Its 557-supplier procurement network includes Iron Mountain, Apto Solutions, Green Box, Renew IT, Microsoft, HP, Lenovo, Tata Capital, and Stellar (BitRaser).

GNG operates five refurbishment facilities in Navi Mumbai, Dallas, and Sharjah (total area: 58,128 sq. ft), capable of advanced L1–L3 repairs, including motherboard-level work, cosmetic rework, and LCD repolarisation, a rare capability globally.

The company also maintains a European office in the Netherlands via its subsidiary, Electronics Bazaar BV. As of Fiscal ended March 31, 2025, the company had 1,194 on – roll employees. The Bankers to the Company are Axis Bank Limited, DBS Bank India Limited, HDFC Bank Limited, ICICI Bank Limited, IDFC First Bank Limited, Kotak Mahindra Bank Limited and The Federal Bank Limited.

INDUSTRY ANALYSIS

India Consumer Electronics Market: Overview & Growth Outlook

India’s consumer electronics market has witnessed robust expansion, underpinned by rising disposable incomes, rapid urbanization, and widespread digital adoption. Tailored innovations, competitive pricing, and localized product offerings have driven demand among India’s large, young, and tech-savvy population.

In FY25, the market was valued at US$ 71.7 billion and is projected to grow at a CAGR of 12.4%, reaching US$ 128.6 billion by FY30. Growth is fueled by a burgeoning middle class, government initiatives like Digital India and Make in India, and enhanced internet access through expanding e-commerce platforms.

The market encompasses a broad spectrum of products including smartphones, TVs, home and kitchen appliances, PCs, and accessories. While smartphones remain the dominant category, their share has slightly declined due to the rising popularity of personal computing devices.

India’s ICT Hardware Market

The Indian ICT (Information and Communication Technology) hardware market is undergoing accelerated growth, propelled by the nation’s digital transformation. Valued at US$ 48.5 billion in FY25, it is expected to reach US$ 83.3 billion by FY30, growing at a CAGR of 11.4%.

This growth is supported by:

• Expanding connectivity infrastructure

• Adoption of emerging technologies like 5G, AI, IoT, and cloud computing

• Policy support from the Indian government to digitize core sectors

ICT hardware is playing a pivotal role in building the backbone of India’s future digital economy.

India PC Market: Rising Demand and Key Trends

India’s PC market—including desktops and laptops—has evolved significantly, especially amid increasing digital literacy, remote working, and online learning demands. The market was valued at US$ 9.2 billion in FY25, with projections indicating an 11.9% CAGR to FY30.

Key Growth Drivers:

• Increased laptop adoption due to portability and improved functionality

• Government push for digital education and workforce enablement

• A rising need for computing devices in SMEs and enterprises

From FY19 to FY25, the PC market expanded at a CAGR of 13.9%, with laptops leading the charge at a projected CAGR of 14.9%, reaching US$ 14.5 billion by FY30.

Price Segmentation in the PC Market

India’s PC market caters to a diverse population through a wide pricing spectrum:

• Budget: INR 10,000–20,000 (US$ 120–240)

• Entry-level: INR 20,000–35,000

• Mid-range: INR 35,000–60,000

• Premium: INR 60,000–1,00,000

• High-end: Above INR 1,00,000 (US$ 1,200)

The INR 30,000–50,000 range emerges as the most sought-after, balancing performance and affordability for middle-class and value-conscious buyers.

Retail Shifts: Rise of E-Commerce

India’s PC sales are increasingly shifting from offline to online platforms. While offline channels commanded 85% share in FY19, this declined to 75% by FY25, with e-commerce gaining a 10% share, highlighting changing consumer purchasing behavior.

Global PC Sales Context: India vs. US & China

In CY24, the comparative PC unit sales were:

• US: 69 million units

• China: 40 million units

• India: 14 million units

While India’s share is smaller, its high growth rate and expanding digital user base present strong potential for market catch-up.

Competitive Landscape: Indian PC Brands

The Indian PC market is highly competitive, dominated by global players:

• HP leads with 30% market share (CY24)

• Lenovo follows with 17%

• Dell, Acer, and others compete with a mix of innovation, local assembly, and affordable pricing strategies

India’s Used & Refurbished Electronics Market

India's secondary electronics market—including used and refurbished devices—is witnessing rapid expansion. Valued at US$ 19.8 billion in FY25, it is projected to grow at a CAGR of 15.6% to reach US$ 40.7 billion by FY30.

Key growth drivers:

• Increased demand for affordable, high-quality technology

• Rising environmental awareness and preference for sustainable products

• Government incentives for circular economy and e-waste reduction

Refurbished products offer enhanced value through warranties, near-new performance, and eco-friendliness.

Used & Refurbished PC Market in India

This segment, comprising PCs sold ‘as-is’ and those refurbished to OEM standards, has grown from US$ 0.2 billion in FY19 to US$ 1.0 billion in FY25, at a CAGR of ~28%, and is set to reach US$ 4.0 billion by FY30 at ~30% CAGR.

FY25 Segment Contribution:

• Refurbished PCs: US$ 1.0 billion

• Used PCs: US$ 1.4 billion

Technological advancements in refurbishment and increased quality control have bolstered consumer trust and market growth.

Organized vs. Unorganized Market Structure

The used and refurbished PC market is gradually transitioning from an unorganized to an organized structure:

• FY19: Organized players held 5% market share

• FY25: Organized segment rose to 13% (36% CAGR)

• FY30 forecast: 40% share with 46% CAGR

Established brands like Electronics Bazaar are gaining ground by offering quality assurance, certified refurbishment, and warranties—attributes increasingly valued by Indian consumers.

Economic and Environmental Value of Refurbishment

Refurbishing offers multiple economic and environmental benefits:

• Affordability: Enables broader access to tech across income segments

• Job Creation: Boosts employment in logistics, repair, resale, and testing

• Entrepreneurship: Stimulates innovation in ancillary industries

• Sustainability: Reduces e-waste and recovers valuable materials, supporting India’s Circular Economy agenda

Refurbishment not only provides cost-effective digital access but also drives environmental responsibility and economic inclusion.

BUSINESS STRENGTHS

1. India’s Largest Refurbisher of Laptops and Desktops
Recognized as India’s largest refurbisher of laptops and desktops and among the top global refurbishers of ICT devices with a significant footprint across India, USA, Europe, Africa, and UAE (Source: 1Lattice Report, March 31, 2025). Positioned to grow even during economic downturns by addressing replacement demand with affordable solutions. Despite a global shift toward organized refurbishment, the market remains fragmented, with no player exceeding 5% share.

2. Robust Global Supply Chain and Extensive Customer Network
Operates a deep and diversified procurement base, leveraging the ability to “buy better, refurbish better, and sell better”. Maintains a Value Added Reseller network, with products sold in 38 countries and supported by 4,154 sales touchpoints globally (as of March 31, 2025).

3. Advanced Refurbishing Infrastructure with High Capacity
Owns five refurbishing facilities—in Navi Mumbai (India), Sharjah (UAE – 3 units), and Texas (USA)—covering 58,127.82 sq. ft. Facilities feature round-the-clock surveillance, emergency systems, and anti-theft sensors. Strategically located near key markets, enabling efficient logistics, quality control, and scalable operations (Source: 1Lattice Report).

4. Strategically Aligned with Sustainability and ESG Trends
With refurbishing operations commencing in 2014, the company is well-positioned to benefit from the global shift toward sustainability and rising emphasis on ESG-focused business models. The integrated approach supports both environmental impact reduction and economic accessibility.

5. Experienced Leadership and Skilled Workforce
Led by Founder and Promoter Sharad Khandelwal, with 29 years of ICT industry experience, supported by a qualified and industry-experienced team. This leadership has driven the organization’s strategic growth and operational excellence.

6. Consistent Financial Growth and Profitability
Demonstrates a strong financial track record, with revenue from operations of ₹14,111.10 million (FY25), ₹11,381.38 million (FY24), and ₹6,595.42 million (FY23). Continuous improvement in financials highlights scalable operations, profitability, and balance sheet strength.

BUSINESS STRATEGIES

1. Expanding market presence in India and globally to leverage strong industry tailwinds. The global used and refurbished electronics market is projected to grow from US$ 212.1B in CY24 to US$ 352.4B in CY29, at a CAGR of 10.7%, with the refurbished segment alone expected to reach US$ 246.7B by CY29. The Indian market is also set to grow from US$ 19.8B in FY25 to US$ 40.7B in FY30, at a 15.6% CAGR.

2. Strengthening procurement capabilities and supplier relationships by expanding the procurement network and offering synergetic, value-driven partnerships. Procurement partners increased from 265 in FY23 to 557 in FY25, with further expansion planned through strategic outreach and relationship building.

3. Enhancing focus on ESG standards and sustainability by adhering to quality certifications and environmental approvals. Refurbishment processes contribute to e-waste reduction and support global sustainability goals, improving alignment with OEMs and environmentally conscious consumers.

BUSINESS RISK FACTORS & CONCERNS

1. High Dependence on Laptop Sales
In Fiscal 2025, 2024, and 2023, 75.59%, 67.87%, and 79.97% of operational revenue came solely from laptop sales. A decline in demand for laptops could adversely impact revenue and profitability, despite offerings across ICT categories like desktops, tablets, servers, and smartphones.

2. Volatility in Supply Chain and Input Prices
The business depends on sourcing key parts like hard drives and RAM from both domestic and international suppliers. Fluctuations in prices, supply restrictions, or export regulations could negatively affect operations, costs, and cash flows.

3. Significant Revenue from International Markets
Revenue from outside India constituted 75.53% (FY25), 57.97% (FY24), and 50.53% (FY23). Failure to manage or expand business across the 38 countries served—including regions in North America, Europe, Asia, and the Middle East—may hinder growth and affect financial stability.

4. Heavy Reliance on Electronics Bazaar FZC (UAE Subsidiary)
66.66% (FY25), 49.59% (FY24), and 50.28% (FY23) of total operational revenue came from Electronics Bazaar FZC, the material subsidiary in the UAE. Any disruption in its operations or change in ownership could have a material adverse impact on financial performance.

5. Slower-Than-Expected Growth in Refurbished Electronics Market
While the global refurbished electronics market is projected to grow from US$ 110.6B (CY24) to US$ 246.7B (CY29) at a 17.4% CAGR, actual demand may be limited by macroeconomic conditions or market fragmentation, with no player holding more than 5% market share in key geographies.

GNG Electronics faces significant revenue concentration from laptops and overseas operations, making it vulnerable to demand shifts, supply chain disruptions, and external market conditions. Its reliance on a single subsidiary for a major share of revenue and exposure to global supply and regulatory dynamics further increases operational risk.