GNG Electronics Sets IPO Price Range at Rs 225–237 Per Share
GNG electronics limited IPO has been set between Rs 225 and Rs 237 per equity share whose face value goes to Rs 2. GNG electronics IPO subscription will close by July 25.
The lot size of equity shares of GNG electronics is 63 shares and after this, the lot size is expected to amount to 63 multiples of the equity share.
Not exceeding 50 percent of the number of shares proposed to be issued out of the public offering has been allotted to qualified institutional buyers, not less than 15 percent has been impacted on non-institutional institutional buyers and not less than 35 percent portion of the offer is allotted to retail investors.
Tentatively, GNG electronics IPO basis of allotment of shares will be finalized on July 28 and the company will initiate refunds on July 29 while the shares will be credited to the demat account of allottees on the same day following refund. GNG electronics share price is likely to be listed on BSE and NSE on July 30.
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GNG electronics IPO, which is worth Rs 460 crore, comprises a fresh issue of Rs 400 crore, and an offer-for-sale of 25,50,000 equity shares by the promoters selling shareholders.
The GNG electronics IPO plan aims to allocate the net proceeds from the offering for various purposes. This includes the prepayment and repayment, either fully or partially, of some of the outstanding debts incurred by the company and its significant subsidiary, electronics bazaar FZC; along with general corporate needs.
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Motilaloswal investment advisors, IIFL capital services and JM financialare the book-running lead manager of the GNG electronics IPO, while Bigshare services PvtLtd is the registrar for the issue.