GNG Electronics Limited’s Initial Public Offering (IPO) made a strong debut on July 30, 2025, listing at ₹355 per share on the National Stock Exchange (NSE) — a substantial gain of ₹118 or 49.79% above its IPO price of ₹237. On the Bombay Stock Exchange (BSE), the shares opened at ₹350, up 47.68% from the issue price, underscoring robust investor enthusiasm for the company’s market potential and business model.

The IPO was a Book Built Issue aggregating ₹460.44 crore, which included a fresh issue of 168.77 lakh shares worth ₹400 crore and an offer for sale of 25.50 lakh shares worth ₹60.44 crore. The subscription period ran from July 23 to July 25, 2025, followed by allotment on July 28, 2025, and listing on both NSE and BSE around July 30, 2025.

The price band for the IPO was set between ₹225 and ₹237 per equity share, with the company’s market capitalization pegged at around ₹2,702.07 crore at the upper price band. The minimum lot size for retail investors was 63 shares, requiring a minimum investment of ₹14,931, while High Net Worth Individuals (HNIs) had to subscribe to at least 14 lots (882 shares), amounting to ₹2,09,034.

Company Overview and Business Model

GNG Electronics is India’s largest refurbisher of laptops and desktops and is recognized among the leading global refurbishers of ICT devices. The company operates across multiple geographies including India, the USA, Europe, Africa, and the UAE. As the parent company of the well-known Electronics Bazaar brand, GNG specializes in delivering high-quality refurbished laptops and desktops designed to cater to individuals, businesses, and organizations.

Emphasizing a repair-over-replacement approach, GNG promotes cost efficiency and sustainability by minimizing the carbon footprint of technology usage. Their product prices typically range from 35% to 66% below new device prices, making technology affordable while supporting India’s circular economy goals.

GNG Electronics is certified as India’s largest Microsoft Authorized Refurbisher and serves as the IT asset disposal partner for one of India’s largest software companies. Its wide product range includes open-box, refurbished, and new ICT devices, with 5,840 SKUs sold across 38 countries via over 4,150 sales touchpoints including resellers, distributors, integrators, and e-tailers.

Industry Growth and Market Position

The global refurbished PC market is rapidly expanding, projected to grow from US$ 17.1 billion in 2024 to US$ 40.6 billion by 2029, with an 18.9% CAGR. The Indian refurbished electronics market is also growing fast, from US$ 1 billion in FY25 to an estimated US$ 4 billion by FY30, driven by rising demand for affordable technology and environmental consciousness.

GNG’s advanced refurbishment infrastructure includes five facilities strategically located in Navi Mumbai (India), Dallas (USA), and Sharjah (UAE), with capabilities ranging from motherboard-level repairs to cosmetic refurbishments and LCD repolarisation. This infrastructure supports high-quality refurbishment and quick turnaround times.

Financial Performance and Strengths

The company reported revenues of ₹14,111.10 million in FY25, up from ₹6,595.42 million in FY23, highlighting consistent growth. GNG Electronics also boasts a diversified supplier network and long-standing client relationships with notable companies such as HP India, Lenovo India, and several global partners.

The IPO proceeds will primarily be used for prepayment/repayment of borrowings (₹320 crore) and general corporate purposes, strengthening the company’s financial position and enabling further expansion.

Market Response and IPO Highlights

GNG Electronics’ IPO was oversubscribed by over 14 times, reflecting strong demand from retail, institutional, and anchor investors. The company raised ₹138.13 crore from anchor investors subscribing at the upper price band, signaling strong confidence in its business prospects.

The Grey Market Premium (GMP) stood at ₹43 before listing, indicating a healthy expected listing gain, which was realized as the shares debuted nearly 50% above issue price.

Risks and Challenges

Despite its strong market position, GNG Electronics faces some risks:

• Heavy dependence on laptop sales, which accounted for over 75% of revenues in recent years.

• Exposure to global supply chain volatility affecting component sourcing.

• High revenue concentration from the UAE subsidiary, Electronics Bazaar FZC, which contributes over 66% of total revenues.

• The refurbished electronics market remains fragmented with intense competition and no dominant player exceeding 5% market share globally.

Conclusion

GNG Electronics’ successful IPO debut and substantial listing premium reflect investor confidence in the company’s sustainable business model, growth potential, and leadership in the refurbished electronics sector. As India and global markets continue to emphasize affordability, sustainability, and digital inclusion, GNG is well positioned to leverage these trends.

However, investors should remain aware of sector-specific risks and monitor the company’s ability to sustain growth amid evolving market dynamics and global economic conditions.

The Upcoming IPOs in this week and coming weeks are BLT Logistics, Bhadora Industries, Highway Infrastructure, Flysbs Aviation, Parth Electricals & Engineering, Jyoti Global Plast, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Jyoti Global Plast.

The Current active IPO are B.D. Industries (Pune), NSDL, Takyon Networks, Mehul Colours, M&B Engineering, Sri Lotus Developers & Realty, Aditya Infotech, Lakshmi India Finance, Kaytex Fabrics, Umiya Mobile, Repono.

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