GNG Electronics Raises Rs138 Crore from Anchor Investors Ahead of IPO
GNG Electronics, which refurbishes laptops, desktops, and other ICT devices, has secured Rs 138.13 crore through an anchor book on July 22, with 14 institutional investors taking part in the anchor book.
The company's IPO is scheduled to open for public subscription on July 23 and will close on July 25.
The finalization of IPO share allotment is predicted to occur by the end of July 28, with trading of GNG Electronics shares commencing on July 30.
The company confirmed the allocation of 58.28 lakh shares to anchor investors at a price of Rs 237 per share.
Investors such as Goldman Sachs, Motilal Oswal Mutual Fund, Mirae Asset, Edelweiss Trusteeship, Buoyant Opportunities Strategy, Bengal Finance, and Founders Collective Fund have become shareholders through the anchor book investment.
Additional institutional investors that contributed to GNG's funding include Mint Focused Growth Fund, LC Pharos Multi Strategy Fund, Sameeksha India Equity Fund, Niveshaay Hedgehogs Funds, M7 Global Fund, and Astorne Capital.
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According to the company, three domestic mutual funds participated through their four schemes, accounting for 39.40 percent of the anchor book.
Based in Mumbai, GNG Electronics is valued at Rs 2,702 crore and is raising Rs 460.43 crore through an initial share sale, which includes a fresh issuance of shares valued at Rs 400 crore and an offer-for-sale of 25.5 lakh shares worth Rs 60.4 crore by the promoters.
The main aim of the IPO is to alleviate the company's debt. Of the proceeds from the fresh issue, Rs 320 crore will be allocated to repay debt incurred by the company and its subsidiary, Electronics Bazaar FZC, while the remaining funds will be directed towards general corporate purposes.
The company stated that as of March 2025, its total consolidated borrowings amounted to Rs 582.8 crore.
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Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are serving as the book-running lead managers for the GNG Electronics IPO.
Operating under the brand name 'Electronics Bazaar', the company is involved in the complete refurbishment value chain, from sourcing to refurbishing, selling, and after-sale services, while also providing warranties.
GNG's thorough refurbishment process for ICT devices like laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories ensures these products perform and look as good as new, allowing them to offer laptops at one-third the cost of new devices and other items like desktops, tablets, servers, premium smartphones, mobile workstations, and accessories at 35-50 percent off the price of new equivalents.