India's IPO market continues to show resilience and excitement in 2025, with a strong pipeline of companies looking to go public. One of the most anticipated names this season is GNG Electronics, which is opening its ₹460.43 crore IPO on July 23, 2025. The company operates in the rapidly expanding electronics refurbishing sector—an area gaining relevance due to its sustainability and affordability focus.
About the Company: GNG Electronics
GNG Electronics is a key player in the Indian electronics refurbishing space. Its core business involves sourcing used electronics—laptops, desktops, servers, smartphones, tablets—and restoring them to like-new condition. The company operates under the brand name Electronics Bazaar, offering products across India and several international markets, including the USA, Europe, UAE, and Africa.
In an age of growing e-waste concerns and budget-sensitive consumers, GNG's business model bridges a clear gap between cost and sustainability. Their fully integrated value chain—from procurement to refurbishment to sales—gives them control over product quality and delivery.
IPO Details: Key Highlights
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Total Issue Size: ₹460.43 crore
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Fresh Issue: ₹400 crore
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Offer for Sale (OFS): ₹60.43 crore
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Price Band: ₹225 to ₹237 per share
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Lot Size: 63 shares
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Minimum Investment: ₹14,931 (at lower band)
The fresh issue proceeds will be primarily used to repay existing borrowings and for general corporate purposes. This will strengthen the company's financial position and support its future expansion.
Important Dates to Know
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Opening Date: July 23, 2025 (Wednesday)
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Closing Date: July 25, 2025 (Friday)
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Basis of Allotment: July 28, 2025
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Listing Date: July 30, 2025 (on NSE and BSE)
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Anchor Investment: ₹138.13 crore raised at ₹237 per share
Investors can check real-time subscription data through the NSE and BSE websites or brokerage platforms like Zerodha, Groww, and Upstox between 10 AM and 5 PM on each day of the IPO window.
Business Strengths
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First-Mover Advantage
GNG is one of the first large-scale organized players in the IT refurbishing market in India. -
Integrated Business Model
By managing the entire refurbishment process in-house, the company ensures quality, efficiency, and cost control. -
Diverse Product Portfolio
Their offering spans laptops, servers, workstations, smartphones, and accessories—targeting both retail and enterprise buyers. -
International Market Presence
With exports to several countries, GNG has growth potential beyond the domestic market.
Risks and Industry Challenges
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Dependence on Raw Material Supply
Availability of quality used electronics is key to maintaining inventory and scale. -
OEM Competition
Original equipment manufacturers (OEMs) like Dell and HP entering the refurbishing space could present strong competition. -
Brand Perception and Trust
As refurbished products often raise questions about reliability, maintaining strong consumer trust is essential.
Financial Performance
GNG Electronics has shown steady growth in revenue and profits over the past three years. The company has a manageable debt load, and post-IPO, its balance sheet is expected to improve significantly. Strong return ratios (ROE and ROCE) indicate efficient use of capital and operational strength.
Institutional Backing and Management
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Book-Running Lead Managers:
IIFL Capital, Motilal Oswal Investment Advisors, JM Financial -
Registrar to the Issue:
Bigshare Services Pvt Ltd -
Anchor Investors:
Notable names include Goldman Sachs Fund, Mirae Asset MF, Edelweiss MF, and Motilal Oswal MF. Their participation at the upper end of the price band signals institutional confidence.
Who Should Consider Investing?
This IPO may appeal to:
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Investors focused on sustainable business models
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Portfolios looking to diversify into tech-adjacent sectors
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Long-term investors who see value in circular economy themes
While the IPO is attractively priced and backed by solid fundamentals, investors should remain aware of sector-specific risks and competitive pressures.
Conclusion
The GNG Electronics IPO offers a differentiated play in a relatively untapped space—organized electronics refurbishing. With clear growth drivers, institutional support, and a forward-looking model, the company positions itself as a potential long-term value story. However, like all equity investments, it carries risk. Investors should read the RHP carefully and consult a SEBI-registered advisor before applying.
Disclaimer:
This content is for informational purposes only and does not constitute financial advice. Please consult a qualified advisor before making investment decisions.
