GNG Electronics IPO Sees 15 Times Subscription on Day 2

The GNG Electronics IPO has received a strong response from investors, with a subscription of 15.51 times by the start of Day 2. The company is offering shares in a price band of Rs. 225 to Rs. 237 per share, with a minimum lot size of 63 shares. The issue size stands at Rs. 460.43 crore, of which Rs. 400 crore is a fresh issue and Rs. 60.44 crore is an offer for sale. Stay tuned for the latest updates on the GNG Electronics IPO subscription status as the offering progresses.

GNG Electronics IPO Subscription Status - Day 2

As of Day 2, GNG Electronics’s IPO was subscribed a total of 15.51 times. The Non-Institutional Investors category saw a robust subscription of 34.95 times, followed by the Retail Investors at 14.93 times, while the Qualified Institutional Buyers (QIB) category was subscribed 1.77 times.

Last updated: 11:40 AM, Thursday, 24 Jul 2025

GNG Electronics IPO Subscription Status - Day 1

The GNG Electronics IPO saw a strong response with an overall subscription of 9.20 times on Day 1. The Retail Category subscribed at 9.31 times, while Non-Institutional Investors (NIIs) showed strong demand with 18.86 times. Qualified Institutional Buyers (QIBs) also participated positively, subscribing at 1.68 times.

Company Overview of GNG Electronics IPO 

GNG Electronics Limited operates under the brand "Electronics Bazaar." It specialises in refurbishing ICT (Information and Communication Technology) Devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories. The company offers products that are functionally and aesthetically similar to new devices, often at a significantly lower price, backed by a 1 to 3-year warranty. 

The company has a strong global presence, with sales in 38 countries and 4,154 touchpoints across North America, South America, Asia, Asia Pacific, Europe, Africa, and the Middle East, supported by five refurbishing facilities in India, the USA, and the UAE. The company is India’s largest Microsoft Authorised Refurbisher and a certified refurbishment partner with Lenovo and HP. It also serves as an IT asset disposition (ITAD) partner for leasing companies, IT consulting companies, and banks. 

GNG Electronics' comprehensive refurbishment process includes screening, parts repair, motherboard repairs, and cosmetic work, along with data sanitisation using industry-standard protocols. The company's leadership is led by its founder and managing director, Sharad Khandelwal, who has 29 years of experience in the ICT industry. As of March 31, 2025, they earn 75.59% from the sale of laptops and 24.41% from other sources. Currently, they have 5,840 SKUs (stock keeping units). 

Strengths and Risks of GNG Electronics IPO

Let’s dive into the strengths and risks to assess if the GNG Electronics IPO is good or bad for investors.

Strengths: 

• Market Leadership: GNG Electronics is India’s largest refurbisher of laptops and desktops and among the largest refurbishers of ICT devices globally, based on value as of March 31, 2025. 

• Comprehensive Value Chain: The company operates across the full refurbishment value chain, including sourcing, refurbishment, sales, and after-sales services with a warranty. 

• Global Presence and Supply Chain: It has a sales presence in 38 countries with 4,154 touchpoints and five refurbishing facilities strategically located in India, the USA, and the UAE, supported by a multi-channel global procurement network of 557 suppliers. 

• Experienced Management Team: The company is led by a team with extensive industry experience, including founder Sharad Khandelwal (29 years of experience), contributing to operational excellence and strategic growth. 

• Strong Financial Track Record: The company has a consistent track record of profitability and growth in revenue from operations, EBITDA, and PAT over the last three fiscal years. 

• ESG Focus: The company is well-positioned to benefit from the global shift towards sustainability and ESG, actively promoting reuse and reducing e-waste. 

Risks:

• Concentration of Revenue from Laptops: A significant portion of operational revenue, which is 75.59% in FY25, is derived solely from laptop sales, making the business vulnerable to declines in laptop demand. 

• Reliance on Key Customers and Suppliers: A substantial portion of revenue is dependent on its top 10 customers, which stand at around 46.59% in FY25, and inventory relies on a limited number of suppliers, posing risks if these relationships are disrupted. 

• Foreign Currency Exchange Rate Fluctuations: Significant revenue is generated from outside India, which is 75.53% in Fiscal 2025, exposing the company to foreign currency risks. 

• Dependence on Leased Premises: Business operations are primarily conducted on leased properties, and the inability to renew leases on favourable terms could adversely affect operations. 

• Competition from the Unorganised Sector: The refurbished PC market in India is heavily dominated by unorganised players, creating pricing pressures and challenges in maintaining competitive positioning. 

• Fluctuations in B2C Sales: The company has experienced a reduction in B2C sales in recent fiscal years due to a reduced focus on third-party online portals.

GNG Electronics IPO Details

• IPO Date: July 23, 2025 to July 25, 2025

• Issue Price: Rs. 225 to Rs. 237 per share

• Lot Size: 63 shares

• Total Issue Size: 1,97,01,885 shares (aggregating up to Rs. 460.43 crore)

• Tentative Allotment Date: July 28, 2025

• Tentative Listing Date: July 30, 2025

How to Apply for GNG Electronics IPO

• Visit the Rupeezy app or Rupezy DOCK.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.