GNG Electronics, a prominent refurbished electronics service provider with a robust international footprint, is entering the Indian stock market through its Initial Public Offering (IPO). The IPO opens for subscription on July 23, 2025, and will close on July 25, 2025. With a total issue size of ₹460.43 crore, this is a pure fresh issue IPO, marking a significant moment for both the company and the investors.
This article provides a deep dive into the GNG Electronics IPO, covering everything from GMP, financials, share reservation, objectives, and investment guidance for prospective subscribers.
1. IPO Details at a Glance
- IPO Open Date: 23rd July 2025
- IPO Close Date: 25th July 2025
- Allotment Date: 28th July 2025
- Refund Initiation: 29th July 2025
- Listing Date: 30th July 2025
- Listing At: BSE and NSE
- Face Value: ₹2 per share
- Price Band: ₹225 to ₹237 per share
- Lot Size: 63 shares
- Total Issue Size: 1.94 crore shares (₹460.43 Cr)
2. Share Reservation Pattern
| Category | Shares Offered | % of Total Issue |
|---|---|---|
| QIB (Institutional) | 97,13,818 | 50.00% |
| NII (HNI) | 29,14,146 | 15.00% |
| Retail | 67,99,673 | 35.00% |
3. GMP (Grey Market Premium) Trends
As of July 22, 2025, the GMP stands at ₹92, indicating a robust demand and potential listing at ₹329, suggesting an estimated gain of 38.82% over the upper band of ₹237.
| Date | IPO Price | GMP | Est. Listing Price | Est. Gain |
| 22-07-2025 | ₹237.00 | ₹92 | ₹329 | 38.82% |
| 21-07-2025 | ₹237.00 | ₹85 | ₹322 | 35.86% |
| 20-07-2025 | ₹237.00 | ₹77 | ₹314 | 32.49% |
GMP serves as a useful but unofficial sentiment indicator and is subject to fluctuations.
4. Financial Performance
GNG Electronics has demonstrated impressive growth over the years.
| Year Ended | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| Mar 2025 | 1,420.37 | 69.03 | 126.14 |
| Mar 2024 | 1,143.80 | 52.31 | 84.90 |
| Mar 2023 | 662.79 | 32.43 | 50.04 |
Key Financial Metrics:
- RoNW: 30.40%
- ROCE: 17.31%
- PE Ratio: 33.35
- EPS (Pre-Issue): ₹7.11
- Market Cap (Est.): ₹2702.07 Cr
5. Company Overview
Founded in 2006, GNG Electronics Ltd is a leading player in the refurbished ICT devices market, operating under the well-recognized brand “Electronics Bazaar.” The company offers products like laptops, desktops, and other tech devices globally with presence across 38 countries including the USA, Europe, and UAE.
Highlights:
- 4,154 sales and service touchpoints worldwide
- Focused on sustainability and reducing e-waste
- Partners with major IT hardware companies
6. IPO Objectives
Funds raised from the IPO will be used for:
- Capital expenditure to purchase new machinery
- Repayment or pre-payment of borrowings
- Working capital requirements
- General corporate purposes
7. Technical & Valuation Analysis
| Indicator | Value |
| PE Ratio (Pre-IPO) | 33.35 |
| EPS (Pre-IPO) | 7.11 |
| Price to Book Value | 10.17 |
| RoNW | 30.40% |
| ROCE | 17.31% |
| EBITDA Margin | 8.94% |
Post-Issue EPS Expected: 6.05
Post-Issue PE: 39.14
The company appears fully priced but may attract investor interest due to its niche and scale.
8. Promoter Holding
- Pre-Issue: 95.01%
- Post-Issue: To be updated post-allotment
9. Peer Comparison
| Company | Revenue (₹ Cr) | PE Ratio | EPS | RoNW |
| GNG Electronics Ltd | 1,420.37 | 33.35 | 7.11 | 30.40% |
| Newjaisa Technologies Ltd | 61.80 | 21.37 | -0.32 | -1.45% |
GNG stands out with strong margins, robust RoNW, and top-line scale compared to peers.
10. Expert View
According to Dilip Davda, Chief Editor at Chittorgarh:
“GEL is the numero uno Indian player for refurbished IT devices and provides related services globally. The company marked steady growth in its top and bottom lines for the reported periods. Based on recent financial data, the issue appears fully priced. Well-informed investors can grab it for the medium to long term.”
11. Risks to Consider
While the fundamentals are strong, investors should weigh the following risks:
- Heavy reliance on laptops & PCs: One category dominates revenue.
- Debt Leverage: ₹446.92 Cr in borrowings.
- Intense market competition from OEMs and refurbishers.
- Valuation Premium may limit near-term gains post-listing.
12. How to Apply for GNG Electronics IPO
- Open your demat account (if not already open).
- Visit your broker’s IPO section (or use apps like Univest).
- Apply for the lot size of 63 shares, costing ₹14,931 minimum.
- Authorize mandate for fund hold on your UPI or bank.
Max Retail Application: 819 shares (~₹1.94 lakh)
13. Checking IPO Allotment Status
Via NSE:
- Visit NSE’s official IPO allotment page.
- Enter your PAN/Application ID.
Via Registrar (Bigshare Services Pvt Ltd):
- Go to the allotment section
- Enter required details
For help, contact: ipo@bigshareonline.com or +91-22-6263 8200
14. Conclusion: Should You Invest?
The GNG Electronics IPO combines strong financial fundamentals, significant global presence, and favorable GMP, making it a compelling investment for medium-to-long-term investors. Given its leadership in the refurbished ICT segment and growing global demand, investors with an appetite for a mid-cap tech player with ESG-aligned goals might consider subscribing to the IPO.
However, given the valuation and competition dynamics, cautious and research-backed investment is advised.
