GNG Electronics IPO: The initial public offering (IPO) of GNG Electronics will open on Wednesday, July 23, with the aim of raising Rs 460 crore to fund the repayment of borrowings and meet general corporate purposes.
Ahead of the IPO launch, the company held a press conference on Friday, July 18, during which its executives announced the price band and other key details.
Price band, lot size
GNG Electronics has set the price band for the issue between Rs 225 and Rs 237 per share. Investors can apply for a minimum of one lot comprising 63 equity shares, and in multiples thereof.
At the upper end of the price band, the company’s market capitalisation stands over Rs 2,700 crore.
IPO structure, issue size
The IPO comprises a fresh issue of equity shares worth Rs 400 crore and an offer for sale (OFS) of 25.5 lakh equity shares by promoters, amounting to Rs 60.43 crore at the upper price band, which brings the total IPO size to Rs 460.43 crore.
Utilisation of proceeds
The proceeds from the fresh issue will be utilised for repayment of debt, funding working capital requirements, and general corporate purposes.
Allocation structure
The IPO allocation is structured with 50 per cent reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cnet for non-institutional investors (NIIs).
BRLMs, registrar, listing date
The book-running lead managers for the issue are Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial, while Bigshare Services appointed as the registrar. The company’s shares are expected to be listed on the stock exchanges on July 30.
What does GNG Electronics do?
The company operates under the brand name “Electronics Bazaar” and has a comprehensive presence across the refurbishment value chain, including sourcing, refurbishing, sales, after-sales service, and warranty support. It specialises in the refurbishment of ICT (Information and Communication Technology) devices such as laptops, desktops, tablets, servers, premium smartphones, and mobile workstations.
