GNG Electronics Scales Back IPO to ₹4,000 Crore, OFS Halved to 2.6 Million Shares Ahead of July 23 Launch

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GNG Electronics Ltd has revised its IPO structure, reducing the fresh issue size to ₹4,000 crore from ₹4,500 crore and trimming the Offer for Sale (OFS) to 2.6 million shares from 5.1 million. The recalibration reflects a strategic move to optimize capital raising while maintaining investor interest ahead of the July 23 listing.

Key Highlights:

The total IPO size now stands at ₹460.43 crore, comprising ₹400 crore from the fresh issue and ₹60.43 crore from the OFS.
Price band set between ₹225 and ₹237 per share, valuing the company at approximately ₹2,702 crore at the upper end.
Anchor investor bidding opens July 22; public subscription runs July 23–25; listing expected on July 30.

Strategic Context:

Proceeds from the fresh issue will be used to repay ₹320 crore in borrowings and fund general corporate purposes, including facility upgrades and tech enhancements.
The OFS reduction signals promoter confidence and a desire to retain higher equity in the company post-listing.
GNG operates under the Electronics Bazaar brand and is India’s largest Microsoft-authorized refurbisher of ICT devices.

Market Outlook:

With FY25 revenue of ₹1,420 crore and PAT of ₹69 crore, GNG has demonstrated consistent growth and margin expansion.
Analysts expect strong retail and QIB participation, driven by the company’s full-stack refurbishment model and global footprint.

Sources: Business Standard, India Infoline, Fortune India, Zee Business, Goodreturns (July 2025)

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