GNG Electronics' IPO fully subscribed within 1st hour—shares pop 41%
GNG Electronics' IPO opened on Wednesday and got fully subscribed within the first hour.
By 11:06am bids hit 1.6 times the offer—non-institutional investors went nearly 3x over their quota, while retail folks almost doubled theirs.
Shares are priced at ₹225-₹237, and they're already trading at a 41% premium in the gray market.
India's biggest electronics refurbisher
GNG is India's biggest electronics refurbisher, working with laptops, desktops, tablets, servers, and smartphones under the "Electronics Bazaar" brand.
In FY25 alone, they refurbished nearly 6 lakh devices across 38 countries—laptops made up over three-quarters of their revenue.
Their supplier network has more than doubled to support over 4,000 global customer touchpoints.
FY25 revenue at ₹1,411 crore
In FY25, GNG pulled in ₹1,411 crore revenue and net profit jumped to ₹69 crore.
Most of the IPO money—about ₹320 crore—will go toward paying down loans; the rest will help with working capital and general business needs.