GNG Electronics IPO Day 1: Check GMP, issue details, key dates. Apply or not?
With the upper limit of the price range, the company's market capitalisation exceeds ₹ 2,700 crore.
Before the public subscription of its IPO, GNG Electronics secured ₹ 138 crore from anchor investors. Among those allotted shares in the anchor round are Goldman Sachs Fund, Motilal Oswal Mutual Fund, Buoyant Opportunities Strategy, Edelweiss Mutual Fund, and Mirae Asset Mutual Fund, as detailed in a circular posted on BSE's website.
According to the circular, GNG Electronics allocated 58,28,290 equity shares to 14 separate funds at ₹ 237 each. This brings the overall transaction amount to ₹ 138.13 crore.
GNG Electronics is among the top refurbishers of laptops and desktops and has a strong presence in India, the US, Europe, Africa, and the UAE.
The company operates under the "Electronics Bazaar" brand and covers the entire refurbishment value chain, from sourcing and refurbishment to sales and after-sale services, including warranty provisions.
Subscription for the public issue will open at 10:00 IST during Wednesday's deals.
As per Canara Bank Securities, the company is positioned to benefit from favorable industry trends and an increasing global footprint as the demand transitions from unorganised to organised players. The IPO is set at a P/E ratio of 33.43x and a P/BV of 10.17x based on FY25 earnings, which seems reasonable given its growth potential, leadership in the sector, and asset-light business model. The brokerage has given a SUBSCRIBE recommendation to well-informed investors with a medium to long-term investment outlook.
SBI Securities noted that industry predictions show promising growth for the Global Refurbished PC Market and the Indian Refurbished PC Market, with a projected expansion at a CAGR of 18.9% and 31.3% respectively during the period from CY24 to CY29E and FY25 to FY30E. Moreover, the company plans to repay ₹ 320 crore in debt during FY26, which will help reduce interest expenses and enhance profitability. Additionally, the firm lacks any comparable listed industry peers in India. The brokerage has advised investors to SUBSCRIBE to the IPO at the cut-off price.
GNG Electronics IPO includes a fresh equity share issue totaling 400 crore and an offer for sale (OFS) of 25.5 lakh equity shares from promoters, valued at ₹ 60.43 crore at the highest price point. This brings the overall issue size to ₹ 460.43 crore.
The funds raised from the fresh issue will be used for paying off debt, covering working capital needs, and general corporate purposes.
The book-running lead managers for the GNG Electronics IPO are Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial, while Bigshare Services Pvt Ltd serves as the registrar for this issue.
GNG Electronics IPO grey market premium is +103. This indicates GNG Electronics share price was trading at a premium of ₹ 103 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of GNG Electronics share price was indicated at ₹ 340 apiece, which is 43.46% higher than the IPO price of ₹ 237.
In the past five sessions, grey market activities have shown an upward trend, and today's IPO GMP indicates a promising listing. The minimum GMP recorded is ₹ 71.00, while the maximum GMP reaches ₹ 103, as per experts from investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price. GNG Electronics IPO
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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