GNG Electronics Limited and Glottis Limited have received final observations from the Securities and Exchange Board of India (SEBI) to seek funds through an initial public offering (IPO).

Glottis Ltd submitted its initial draft documents to SEBI in February 2025, while GNG Electronics Ltd filed theirs in December 2024 and later updated them in March 2025.

GNG Electronics is recognized as the largest refurbisher of laptops and desktops in India and is among the top global refurbishers of ICT devices, having a significant presence in India, the USA, Europe, Africa, and the UAE, according to a report by 1Lattice as of March 31, 2024.

The IPO includes a new issuance of equity shares with a face value of Rs.2 each, amounting to up to Rs.450 crores, alongside an offer for sale of up to 51,00,000 equity shares of Rs.2 face value each.

In the offer for sale, Sharad Khandelwal is offering up to 35,000 equity shares, Vidhi Sharad Khandelwal is also offering up to 35,000 equity shares, and Amiable Electronics Private Limited is offering up to 50,30,000 equity shares.

The proceeds from the net will be allocated for various purposes, including the prepayment and/or repayment, either fully or partially, of certain outstanding borrowings made by our Company and our key subsidiary, Electronics Bazaar FZC, as well as for general corporate purposes.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and JM Financial Limited are designated as the Book Running Lead Managers for this offering.

 

Glottis is a major multi-modal logistics service provider that focuses on energy supply chain solutions.

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The upcoming IPO for the company based in Chennai features a fresh issue of equity shares valued at up to Rs.160 crore, in addition to an offer for sale (OFS) of up to 1.45 crore equity shares from the company's promoters, as outlined in the draft red herring prospectus (DRHP).

In the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan intend to sell 72.5 lakh equity shares each.

The capital raised from the Fresh Issue will be utilized for capital expenditures related to the acquisition of commercial vehicles and containers, as well as for General Corporate Purposes.

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Pantomath Capital Advisors Private Limited is acting as the sole book-running lead manager for the issue.