Here’s a detailed breakdown of GNG Electronics Limited IPO:
Founded: 2006, headquartered in Mumbai
Brand: Operates as Electronics Bazaar, India’s largest refurbisher of laptops/desktops; significant global operations (USA, Europe, Africa, UAE, etc.)
Business Model: Refurbishes ICT devices—laptops, desktops, tablets, servers, smartphones—with sourcing, refurbishment, sales, after-sales, and warranty
GNG Electronics’ IPO offers a promising growth story backed by robust financials, impressive earnings growth, and a scalable global refurbishing model.
IPO Dates
- Opening Date: July 23, 2025
- Closing Date: July 25, 2025
- Allotment Finalisation: July 28, 2025
- Refund/Credit Date: Around July 29, 2025
- Listing Date: July 30, 2025 on BSE & NSE
IPO Details
- Face Value: ₹2 per share
- Price Band: ₹225–₹237 per share (face value ₹2)
- Minimum Lot Size: 63 shares
- Total Issue Size: ₹460.43 crore
- Fresh Issue: ₹400 crore (~1.69 crore shares)
- Offer-for-Sale (OFS): ₹60.43 crore (~25.5 lakh shares)
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 9,71,33,880 shares
- Share Holding Post Issue: 11,40,11,517 shares
GMP of GNG Electronics Limited IPO
The current Grey Market Premium (GMP) for GNG Electronics Limited IPO is estimated at ₹74–₹76 per share, suggesting an approximate gain of 31.2% over the issue price range of ₹225–₹237 per share.
Some media reports have also cited the GMP as high as ₹77, indicating a potential upside of around 32% from the upper end of the price band.
Summary Table
| Metric | Value |
|---|---|
| Price Band | ₹225–₹237 per share |
| Current GMP Range | ₹74–₹76 (some reports ₹77) |
| Implied Listing Premium | ~31% (up to ~32%) |
| Implied Listing Price | ₹300–312 per share |
Promoters of GNG Electronics Limited
Here is the detailed information about the promoters of GNG Electronics Limited:
GNG Electronics is the parent company of Electronics Bazaar, India’s leading brand in refurbished IT and electronics devices.
The promoters are responsible for founding, managing, and significantly owning the company. The promoter group includes individual promoters and corporate entities.
1. Mr. Sharad Khandelwal
- Role: Individual Promoter & Co-founder
- Pre-IPO Shareholding: ~18.50%
- OFS Contribution in IPO: Offering 35,000 shares for sale.
Background:
- One of the founding members of GNG Electronics.
- Has played a key leadership role in growing the Electronics Bazaar brand.
- Experienced in electronics trading, global supply chain, and reverse logistics.
2. Mrs. Vidhi Sharad Khandelwal
- Role: Individual Promoter
- Pre-IPO Shareholding: ~18.50%
- OFS Contribution in IPO: Offering 35,000 shares for sale.
Background:
- Believed to be closely related (likely spouse) of Sharad Khandelwal.
- Holds a substantial stake in the company as part of the promoter group.
3. Amiable Electronics Private Limited
- Role: Corporate Promoter
- Pre-IPO Shareholding: ~57.29%
- OFS Contribution in IPO: Offering 50,34,120 shares (~5 million+ shares), contributing the majority of the Offer for Sale.
Background:
- A promoter group entity controlled by the Khandelwal family.
- Holds the largest stake among all promoters.
- Acts as the major financial backer and equity holder in the company.
4. Kay Kay Overseas Corporation
- Role: Promoter Group Entity
- Pre-IPO Stake: Small (~0.72%)
Background:
- Also a part of the promoter group.
- Limited publicly available operational data.
- No shares being offered via OFS from this entity in the IPO.
GNG Electronics Limited IPO Lot Size
Here is the detailed information on GNG Electronics Limited IPO lot sizes.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,931 |
| Retail (Max) | 13 | 819 | ₹1,94,103 |
| S-HNI (Min) | 14 | 882 | ₹2,09,034 |
| S-HNI (Max) | 66 | 4,158 | ₹9,85,446 |
| B-HNI (Min) | 67 | 4,221 | ₹10,00,377 |
Notes:
- The IPO is open from July 23–25, 2025, with a price band of ₹225–₹237 per share.
- Retail investors must apply in multiples of 63 shares, making the minimum investment roughly ₹14.2k–₹14.9k depending on the price band.
HNI investors have higher lot requirements:
- Small HNI: 14 lots = 882 shares (~₹2–2.1 lakhs).
- Big HNI: 67 lots = 4,221 shares (~₹10 lakhs).
GNG Electronics Limited IPO Promoter Holding
Here are the detailed promoter holding figures for GNG Electronics Limited IPO:
| Metric | Pre‑IPO | Post‑IPO |
|---|---|---|
| Promoter stake (%) | 95.01% | 78.71% |
| Equity shares (approx.) | Not specified | – |
- Promoters before IPO held 95.01% of the equity share capital.
- After the IPO (combination of fresh issue & OFS), promoter share reduces to approximately 78.71%.
About GNG Electronics Limited
- Founded: 2006 (Mumbai, India)
- Brand: Operates under Electronics Bazaar, India’s largest refurbisher of laptops, desktops, and ICT devices.
- Business Model: End-to-end refurbishment lifecycle—from sourcing and cosmetic/functional restoration to warranty, buyback programs, sales, IT asset disposition (ITAD), and e‑waste recycling—serving enterprise and retail customers.
- Certifications: Microsoft Authorized Refurbisher, R2v3 recycling standard, ISO 9001, ISO 14001, ISO 45001—demonstrating quality, sustainability, and compliance.
Operations & Reach
- Manufacturing & Refurbishment Facilities: Units in India, USA, and UAE.
- Presence: Over 3,200–4,100+ points of sale across ~35–38 countries (as of March 2025).
- Key Partnerships: Collaborates with leading OEMs like HP and Lenovo as certified refurbishment partners.
Product Portfolio
| Category | Products Offered |
|---|---|
| 💻 Laptops | Refurbished laptops from brands like Dell, HP, Lenovo, Acer, Apple, etc. |
| 🖥️ Desktops | Assembled and brand desktops (renewed/refurbished) |
| 📱 Mobiles & Tablets | Pre-owned smartphones and tablets (mainly Android & iOS) |
| 🖨️ Accessories | Monitors, keyboards, mice, batteries, chargers, adapters, etc. |
| 🛠️ IT Equipment | Printers, networking equipment, storage devices, etc. |
| 🧑💼 B2B Solutions | Bulk electronics for corporates, institutions, startups (e.g., laptop bundles) |
| 🔁 Buyback/Exchange | Devices sourced from individuals, corporates, and buyback partners for refurbishing |
Summary Table
| Category | Details |
|---|---|
| Established | 2006, Mumbai (HQ) |
| Core Offering | Refurbished ICT: laptops, desktops, tablets, servers |
| Global Presence | ~35–38 countries, 3,200+ sales touchpoints |
| Certifications | Microsoft, R2v3, ISO 9001/14001/45001 |
| FY25 Revenue / PAT | ₹1,420.4 Cr / ₹69.0 Cr (ROE ~30%) |
| IPO Issue Size | ₹460.43 Cr (₹400 Cr fresh + ~25.5 lakh shares OFS) |
| Lot Size | 63 shares (₹14.2–14.9 k per lot) |
| Use of Fresh Proceeds | Debt repayment (~₹320 Cr); working capital & capex |
| Listing | July 30, 2025 (BSE & NSE) |
| Promoter Stake Pre-IPO | ~95%; Post-IPO ~79% |
GNG Electronics Limited Financial Information
Here’s a comprehensive and tabulated snapshot of GNG Electronics Limited financial performance, including key metrics spanning 2023, 2024, and 2025.
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹719.46 | ₹585.82 | ₹285.50 |
| Revenue | ₹1,420.37 | ₹1,143.80 | ₹662.79 |
| Profit After Tax | ₹69.03 | ₹52.31 | ₹32.43 |
| EBITDA | ₹126.14 | ₹84.90 | ₹50.04 |
| Net Worth | ₹226.46 | ₹163.14 | ₹111.60 |
| Reserves and Surplus | ₹176.61 | ₹132.68 | ₹81.13 |
| Total Borrowing | ₹446.92 | ₹322.33 | ₹152.02 |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) of GNG Electronics Limited based on their IPO prospectus and financial disclosures:
| KPI | Values |
|---|---|
| ROE | 30.40% |
| ROCE | 17.31% |
| Debt/Equity | 1.95 |
| RoNW | 30.40% |
| PAT Margin | 4.89% |
| EBITDA Margin | 8.94% |
| Price to Book Value | 10.17 |
Interpretation of KPIs
- Strong Growth: Revenue and profit have more than doubled in 2 years.
- Steady Margins: EBITDA & PAT margins have been consistent, showing operational efficiency despite scaling.
- High Returns: ROE consistently above 29% indicates excellent shareholder return.
- Leverage Increasing: Debt-to-equity is rising, though IPO proceeds will help reduce debt.
- EPS Growth: Solid increase in EPS, reflecting strong per-share profitability.
Strengths of GNG Electronics Limited IPO
- Rapid Revenue Growth: Revenue doubled from ₹662.8 Cr (2023) to ₹1,420.4 Cr (2025).
- Profitable Business Model: Consistent PAT growth and strong EPS; 2025 PAT at ₹69 Cr.
- Strong Global Presence: Operations across India, UAE (Dubai), and USA with refurbishing units.
- Diversified Product Portfolio: Wide range of refurbished IT electronics, servers, laptops, desktops, etc.
- Experienced Promoters: Led by industry veterans like Mr. Himanshu Shah with 20+ years of experience.
- High Return Ratios: ROE > 29% and strong ROCE (~17%) across 2023–2025.
- Growing Refurbished Market: Operates in a high-growth, sustainability-driven segment.
- Debt Reduction Plan: IPO proceeds to reduce borrowings, enhancing financial health.
Risks of GNG Electronics Limited IPO
- High Borrowing Levels: Rising debt with a D/E ratio of 1.97× (2025); IPO partially used to repay loans.
- Working Capital Intensive: Business model requires large upfront inventory costs and short-term funding.
- Reliance on Import Markets: Major product sourcing from abroad; exposed to forex and shipping disruptions.
- Regulatory Compliance Risks: Subject to various environmental and electronic waste laws.
- Thin Margins: PAT margin ~4.8% despite high revenues; susceptible to price and logistics fluctuations.
- Intense Competition: Operates in a competitive and price-sensitive electronics space.
- Limited R&D or IP: Business focused on refurbishing; lacks proprietary tech or patents.
- Customer Concentration Risk: Heavy reliance on institutional and large B2B clients.
GNG Electronics Limited Contact Details
Here are the official contact details for GNG Electronics Limited (Electronics Bazaar):
Corporate Office Address
GNG Electronics Limited
Unit No. 415, Hubtown Solaris,
N. S. Phadke Marg,
Andheri East, Mumbai – 400 069, Maharashtra, India
General & Investor Email
- Investor relations & general queries: support@electronicsbazaar.com
- Another listed email (secondary): raakesh@compuindia.com
IPO Registrar & Lead Managers
| Role | Name | Contact Information |
|---|---|---|
| Registrar | Bigshare Services Pvt Ltd | Phone: +91‑22‑62638200Email: ipo@bigshareonline.com (www.bajajfinserv.in) |
| Lead Managers | Motilal Oswal, IIFL Capital, JM Financial | As appointed for the IPO |
Additional Info
- CIN: U72900MH2006PTC165194
- GSTIN: 27AADCG6133E1ZV
Summary
- Address: Hubtown Solaris, Andheri East, Mumbai
- Phone: Toll-free 1800‑266‑XXXX
- Email: support@electronicsbazaar.com (primary), raakesh@compuindia.com (additional)
- Registrar: Bigshare – +91‑22‑62638200 / ipo@bigshareonline.com
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