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IPO

Laptop refurbisher GNG Electronics’ Rs.460-Cr IPO subscribed 148 times

Business Line   Electronics Bazaar  

The initial public offering (IPO) of Mumbai-based GNG Electronics generated a subscription of nearly 148 times. The issue, with price band of INR 225-227 a share, comprised a fresh share sale of INR 400 crore and an offer-for-sale (OFS) of 25.50 lakh shares, worth INR 60.44 crore. The IPO received bids for nearly INR 50,000 crore against the IPO size of INR 460.44 crore.Qualified institutional investors led the bidding with 266.21 times, followed by non-institutions at 227.67 times. The quota reserved for retail investors was subscribed 46.84 times.Proceeds from the fresh issue will be used for debt payment and for funding working capital requirements.As part of the IPO, the company had raised INR 138.13 crore from 14 anchor investors.GNG Electronics is a refurbisher of laptops and desktops with significant presence across India, the US, Europe, Africa, and the UAE. The company operates under the brand “ Electronics Bazaar .”