GNG Electronics IPO subscribed 8.52 times so far on day 1: Check price band, lot size and all you need to know

GNG Electronics IPO: Laptops refurbisher GNG Electronics' initial public offering opened for subscription on Wednesday, July 23. The issue will conclude on July 25.

The ₹460.43 crore IPO, with a price band of ₹225 to ₹237 per share, is a combination of new equity shares valued at ₹400 crore and an offer for sale of ₹60.43 crore. A lot consists of 63 shares.

The objects of the offer include repayment of certain outstanding borrowings and general corporate purposes.

GNG Electronics IPO: Subscription

The initial share sale has been subscribed 8.52 times until 4:22 pm, as it received bids for 12,08,40,111 shares as against 1,41,88,644 shares on offer, according to data on NSE.

Before the IPO, the company mobilised ₹138.13 crore in the anchor round from investors including Goldman Sachs Fund, Buoyant Opportunities Strategy, Motilal Oswal Mutual Fund, Mirae Asset Mutual Fund and Edelweiss Mutual Fund.

As per the circular on the BSE portal, GNG Electronics allotted 58,28,290 shares to 14 funds at ₹237 apiece, which is the upper price band of the IPO.

GNG Electronics IPO: Allotment and listing date

The basis of allotment is likely to be finalised on Monday, July 28, while the listing on the NSE and the BSE will take place on Wednesday, July 30.

IIFL Capital Services Ltd, Motilal Oswal Investment Advisors Ltd, and JM Financial Ltd are the issue's book-running lead managers. Bigshare Services Pvt Ltd is the registrar.

About

GNG Electronics refurbishes laptops and desktops. It has a significant presence across India, Europe, the US, Africa, and the UAE.

The firm operates under the "Electronics Bazaar" brand, having a presence across the full refurbishment value chain.

It provides refurbishment services to products like laptops, desktops, servers, tablets, mobile workstations, premium smartphones, and accessories, ensuring that such devices look and work similar to new in terms of both performance and aesthetics.