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GNG Electronics IPO
146.13xsubscribed

GNG Electronics IPO

Electronics - Components
listed
₹14,175Min. investment

GNG Electronics Limited IPO Details

SectorElectronics - Components
Price range₹225 – ₹237
IPO type
Regular
Lot size63 shares
Issue size₹460Cr
Red Herring Prospectus
Read
Market cap
₹2,702.07CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹1,411.11CrHigher than sector avg
Growth rate3Y CAGR
28.86%Higher than sector avg

GNG Electronics IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Jul-25
0.96 times (X)
11.55 times (X)
5.61 times (X)
5.57 times (X)
24-Jul-25
2.21X
68.11X
23.07X
26.83X
25-Jul-25
266.21X
224.09X
44.8X
146.13X

As on 23-Jul-25, 5:30 PM

GNG Electronics IPO Timeline

  1. Pre-apply
    21 Jul 2025
  2. Bid start
    23 Jul 2025
  3. Bid end
    25 Jul 2025
  4. Allotment
    28 Jul 2025
  5. Release of funds
    29 Jul 2025
  6. Demat transfer
    29 Jul 2025
  7. Listing
    30 Jul 2025

About GNG Electronics Limited

Incorporated in 2006, GNG Electronics Limited operates as a refurbisher of laptops and desktops and ICT devices. It follows a repair-over-replacement approach, which provides cost advantages. It operates under the brand "Electronics Bazaar" and has a presence across the full refurbishment value chain from sourcing to refurbishment to sales, after-sales services, and providing warranty.
The company's comprehensive refurbishment process ensures that ICT devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories are like new devices in terms of both performance and aesthetics. They can offer laptops at 1/3 the price of new devices and other devices at 35-50% the price of new devices. The company pioneered the concept of warranty for refurbished ICT devices and continues to lead the industry in warranty terms.
As of FY25, the company's portfolio included 5,840 SKUs across various categories. Revenue from laptop sales contributed 75.59% of total revenue in FY25, amounting to ₹1,066.71 crores, while revenue from other products and services contributed 24.41%, or ₹344.40 crores. It refurbished 590,787 devices, serving 4,154 customers and working with 557 procurement partners in FY25.
The company has 5 refurbishing facilities located across India, the USA, and the UAE, with 1 facility in Navi Mumbai (Maharashtra, India), 1 in Dallas (Texas, USA), and 3 in Sharjah (UAE), aggregating to 58,127.82 sq. ft. Each facility is equipped with extensive refurbishing capabilities, and it is among a few companies globally specialising in LCD repairs, including repolarisation and light guide plate correction. In FY25, 75.53% of revenue came from outside India, whereas 24.47% came from within India.
The company has a sales network with refurbished ICT devices being sold in 38 countries as of March 31, 2025. Their sales network comprises 4,154 touchpoints in India and globally, including IT Solutions Providers/Value Added Resellers, System Integrators, E-Tailers, Rental and Leasing Companies, and Distributors/Aggregators. Their procurement partners include USA-based Iron Mountain and Apto Solutions Inc., Australia-based Green Box Group Pty Ltd and Renew IT Pty Ltd, along with major brands.
The global ICT hardware market is projected to grow from US$ 727 Bn in 2024 to US$ 1,042 Bn by 2029 at a CAGR of 7.5%, driven by digitalisation, cloud adoption, and demand for cost-effective devices. In the US, the ICT market is expected to expand at a CAGR of 4.5%, with strong demand for laptops in hybrid work and digital learning environments. Europe's ICT and PC markets are growing steadily, supported by sustainability regulations and increasing demand for refurbished, energy-efficient devices. Meanwhile, India's ICT market, valued at US$48.5 Bn in FY25, is forecasted to grow at a robust 11.4% CAGR, with the PC segment (especially laptops) expected to reach US$14.5 Bn by FY30, backed by rising digital adoption, affordability, and youth-driven demand.
With laptops priced at 1/3rd of new devices, GNG addresses the demand in budget-conscious segments, especially in India and Southeast Asia. With 75.5% of FY25 revenue from outside India and operations in the US and UAE, GNG can benefit from growing PC demand due to hybrid work and preference for sustainable and refurbished products amid strong e-waste regulations outside India.
Now, GNG Electronics Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹400.00 crore and an offer for sale worth up to ₹60.44 crore. The total issue size of the IPO is ₹460.44 crore. Its shares will be listed on the NSE and BSE.

Gng Electronics Limited IPO Analysis

IPO REVIEW

GNG Electronics IPO | Analysis Video

Should you apply?

Watch our analysts break down the Gng Electronics Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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Strength and Weakness

Market leadership in refurbished ICT

GNG Electronics is India’s largest refurbisher of laptops and desktops and ranks among the top global refurbishers of ICT devices. As of March 31, 2025, the company operates in 38 countries and has five refurbishing facilities across India, the UAE, and the USA. With a portfolio of 5,840 SKUs and refurbished laptops offered at nearly one-third the price of new ones, the company delivers both affordability and reliability backed by warranty support.

Robust global supply chain and wide customer reach

The company has developed a deep and well-diversified procurement and customer base, including 557 procurement partners and 4,154 customers as of FY25. Their extensive sourcing network includes corporates, NBFCs, and global brands like HP and Lenovo. Other corporate vendors include organisations such as Tata Capital Limited and Steller Information Technology Private Limited.

Strategic OEM and corporate partnerships

The company is a certified refurbishment partner with top brands like Lenovo and HP, which command 26% and 22% global market share, respectively, in CY24. It also acts as the IT asset disposition (ITAD) partner for India’s second-largest software company.

Rapid volume and customer growth

The number of refurbished devices increased from 248,135 in FY23 to 590,787 in FY25, reflecting strong execution capabilities. Similarly, customer count more than doubled from 1,833 in FY23 to 4,154 in FY25. This growth underscores the company’s increasing market share and scalability in both domestic and export markets.

Scalable infrastructure with advanced capabilities

With 5 facilities across India, the UAE, and the USA spanning 58,128 sq. ft., GNG performs advanced L1–L3 repairs, including LCD repolarisation. The Indian plant complies with ISO 9001, 27001, 14001, and 45001, ensuring scalable, secure, and sustainable refurbishment operations.

Objectives of Gng Electronics Limited IPO

Repayment or pre-payment of borrowings
The company will use ₹320 crore to repay or prepay certain borrowings.
General corporate purposes
The company will allocate up to 25% of gross proceeds for general corporate purposes.
Carry out the offer for sale
₹60.44 crore IPO offer for sale; proceeds go to selling shareholders.

Compare

CompanyRevenue*3Y growthMarket capP/E ratioD/E ratio
This IPO₹1,411.11Cr28.86%₹2,702.07Cr33.431.92
This sector (avg.)₹310.5Cr-0.01%₹2,822.12Cr66.860.40
₹2,721.75Cr---₹23,297.22Cr59.510.32
₹708.35Cr---₹14,957.8Cr64.350
₹3,786.69Cr---₹14,655.94Cr50.010.39

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

GNG Electronics IPO Contact Details

Company NameGNG Electronics Limited

How to apply for GNG Electronics IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Gng Electronics Limited IPO FAQs

Investors can apply for the GNG Electronics IPO through their Demat account via the stock exchange or through their broker.
The issue size of the GNG Electronics IPO is 460 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
GNG Electronics IPO will be open between 2025-07-23 and 2025-07-25.
GNG Electronics IPO allotment date is 2025-07-29. For GNG Electronics IPO allotment status check, you can visit the website of the registrar of the IPO.
For GNG Electronics IPO, the IPO registrar is Bigshare Services Private Limited. You can check GNG Electronics IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The GNG Electronics IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The GNG Electronics IPO lot size is 63 and minimum order quantity is 63.
GNG Electronics IPO has set the price band for its IPO at 237 per equity share with a face value of 2.