After receiving SEBI’s green light, India’s laptop refurbisher, GNG Electronics, is heading for the stock market with a ₹4.5 billion IPO.
GNG Electronics, a familiar name in India’s refurbished electronics sector, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The offering will include a fresh issue of equity shares amounting to ₹4.5 billion.
Additionally, existing shareholders will offload up to 5.1 million equity shares in an offer for sale (OFS). Promoters Sharad Khandelwal and Vidhi Sharad Khandelwal are set to sell 35,000 shares each, while Amiable Electronics will divest up to 5.03 million shares.
As per a Business Standard report, the issue is being managed by a consortium of financial firms. Motilal Oswal Investment Advisors, IIFL Capital, and JM Financial are serving as the book-running lead managers. Bigshare Services has been appointed as the registrar.
According to the draft red herring prospectus, the proceeds from the fresh issue will be primarily used to repay or prepay outstanding debts. A portion of the funds will also support general corporate activities and growth initiatives.
GNG Electronics operates under the brand ‘Electronics Bazaar’ and is reportedly the largest Microsoft Authorised Refurbisher in India, based on refurbishing capacity in FY24. The company maintains an international footprint with five refurbishing facilities, including centres in Navi Mumbai, Dallas (USA), and Sharjah (UAE).
The firm has demonstrated strong financial growth over the past few years. In FY24, GNG posted ₹11.38 billion in revenue from operations, marking a 72% increase from the previous year. Profit after tax rose to ₹523 million, up from ₹324 million in FY23.
For the six months ending September 2024, it recorded ₹6.07 billion in revenue and a net profit of ₹352 million.
This IPO signals GNG’s ambition to further strengthen its market position and expand its global refurbishing footprint.
