GNG Electronics
Book Building issueMainboardNSE₹460 Cr issue
+47.68%
Listing gain over issue price
Issue size
₹460 Cr
1 lot at cut-off
₹14,931
Lot size
63shares
Open
23 Jul 2025
Close
25 Jul 2025
Allotment
28 Jul 2025
Listing
30 Jul 2025
Listing performance
Issue price
₹237
Listed at
₹350
Listing-day close
₹333.50
Latest price
₹682.50
Close on 23 Oct 2026
Listing gain
+47.68%
Return since issue
+187.97%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Jul 2025 – 25 Jul 2025
- Listing date
- 30 Jul 2025
- Face value
- ₹2 per share
- Issue price
- ₹237 per share
- Lot size
- 63 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹460 Cr
- Market cap at offer price
- ₹2,702 Cr
- Promoter holding
- 95.01% → 78.71% pre-issue → post-issue
- ISIN
- INE18JU01028
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- Unit No.415, Hubtown Solaris, N.S.Phadke Marg, Andheri (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 58,28,290 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 63 shares per lot, in multiples, at ₹237
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 63 | ₹14,931 |
| Retail (max) | 13 | 819 | ₹1,94,103 |
| S-HNI (min) | 14 | 882 | ₹2,09,034 |
| S-HNI (max) | 66 | 4,158 | ₹9,85,446 |
| B-HNI (min) | 67 | 4,221 | ₹10,00,377 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
58,28,290
Anchor portion
₹138 Cr
at ₹237 per share
Valuation and performance
Valuation at offer price
₹237 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.11 | 6.05 |
| P/E (×) | 33.33 | 39.17 |
| Price to book (×) | 10.17 | — |
| Market cap | — | ₹2,702 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.40%
- ROCE
- 17.31%
- Debt / equity
- 1.95
- PAT margin
- 4.89%
- EBITDA margin
- 8.94%
- NAV per share
- ₹23.31
- Price to book
- 10.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GNG Electronics
GNG Electronics Limited was incorporated as GNG Electronics Private Limited on October 19, 2006 under the Companies Act, 1956, and was converted to a public limited company in October 2024. The Company operates under the brand 'Electronics Bazaar' and is engaged in the refurbishment and sale of information and communication technology (ICT) devices including laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories. The Company operates across the full refurbishment value chain from sourcing to refurbishment to sales, after-sales services and warranty provision. As of March 31, 2025, the Company is the largest refurbisher of laptops and desktops in India and among the largest refurbishers of ICT devices globally. The Company has significant presence across India, USA, Europe, Africa and UAE with five refurbishing facilities located in India (Navi Mumbai), Middle East (Sharjah, UAE) and USA (Texas). For Fiscal 2025, Fiscal 2024 and Fiscal 2023, the Company derived 75.59%, 67.87% and 79.97% respectively of operational revenue from laptop sales. The Company generates revenue through B2B sales (95.36% of revenue in Fiscal 2025) and B2C sales (4.64% of revenue in Fiscal 2025), with a significant portion (66.66% in Fiscal 2025) generated through its Material Subsidiary, Electronics Bazaar FZC.
Company Analysis
from RHPGNG Electronics Limited is India's largest refurbisher of laptops and desktops, and among the largest refurbishers of ICT devices globally, operating under the Electronics Bazaar brand across the full refurbishment value chain with presence in India, USA, Europe, Africa and UAE.
GNG Electronics Limited was incorporated as GNG Electronics Private Limited on October 19, 2006 under the Companies Act, 1956, and was converted to a public limited company in October 2024. The Company operates under the brand 'Electronics Bazaar' and is engaged in the refurbishment and sale of information and communication technology (ICT) devices including laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories. The Company operates across the full refurbishment value chain from sourcing to refurbishment to sales, after-sales services and warranty provision. As of March 31, 2025, the Company is the largest refurbisher of laptops and desktops in India and among the largest refurbishers of ICT devices globally. The Company has significant presence across India, USA, Europe, Africa and UAE with five refurbishing facilities located in India (Navi Mumbai), Middle East (Sharjah, UAE) and USA (Texas). For Fiscal 2025, Fiscal 2024 and Fiscal 2023, the Company derived 75.59%, 67.87% and 79.97% respectively of operational revenue from laptop sales. The Company generates revenue through B2B sales (95.36% of revenue in Fiscal 2025) and B2C sales (4.64% of revenue in Fiscal 2025), with a significant portion (66.66% in Fiscal 2025) generated through its Material Subsidiary, Electronics Bazaar FZC.
electronics refurbishmentinformation and communication technology (ICT) devicesused and refurbished electronics
Objects of the Issue
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and our Material Subsidiary ₹3,200.00 million p.22
- General corporate purposes p.22
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and Subsidiaries p.60
- General Corporate Purposes p.60
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and our Material Subsidiary namely, Electronics Bazaar FZC ₹3,200.00 million p.95
- General corporate purposes p.95
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹ 4,000.00 million
- Offer for Sale
- Up to 2,550,000 Equity Shares of face value of ₹2 each aggregating up to ₹ [●] million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹2 each and in multiples of [●] Equity Shares
- Face Value
- ₹2 per Equity Share
Business Model
The Company earns revenue primarily from the sale of refurbished ICT devices, particularly laptops and desktops, along with accessories and after-sales services. Revenue is generated through multiple channels including IT Solutions Providers/Value Added Resellers, System Integrators, E-Tailers, Rental and Leasing Companies, and Distributors/Aggregators across 38 countries. The Company operates on a B2B-focused model (95.36% of Fiscal 2025 revenue), with products sold through a multi-channel sales network comprising 4,154 touchpoints as of March 31, 2025. A substantial portion of revenue is generated through the Material Subsidiary, Electronics Bazaar FZC, which operates in the UAE.
Business Segments
Sale of refurbished laptops
Sale of desktops, tablets, servers, premium smart phones, mobile workstations, accessories and service income
Sale of refurbished ICT devices to business customers
Sale of refurbished ICT devices to individual consumers
Sourcing, refurbishment, sales, after-sale services and warranty provision for refurbished ICT devices including laptops, desktops, tablets, servers, premium smartphones, mobile workstations and accessories
Refurbished laptops sold at one-third the price of new devices with 1-3 years warranty, offered in both India and globally through multiple channels
Includes desktops, tablets, servers, premium smartphones, mobile workstations, accessories, refurbishing services, and leasing
Sale of refurbished products, refurbishing services, incentive income, and leasing within India
Export and sale of refurbished ICT devices to 38 countries across North America, South America, Asia, Asia-Pacific, Europe, Africa and Middle East
Sale of ICT products, incentive income, leasing of devices, and service charges
Sales of ICT products and devices to international markets
Sales of refurbished ICT devices and related services to international markets including USA, Europe, Africa and UAE
Sale of refurbished ICT devices, refurbishing as a service, incentive income, and leasing within India
Sale and refurbishment of refurbished laptops
Sale and refurbishment of desktops, tablets, servers, premium smart phones, mobile workstations, accessories and service income
SWOT Analysis
Strengths
- • India's largest refurbisher of laptops and desktops with significant global presence(p.22)
- • Full value chain presence from sourcing through after-sale services(p.22)
- • Growing revenue demonstrating strong market traction(p.24)
- • Expanding global footprint across 38 countries(p.33)
- • Strong profitability growth trajectory(p.24)
- • India's largest refurbisher of laptops and desktops with significant global presence(p.46)
- • Full value chain presence from sourcing to after-sale services(p.46)
- • Strong revenue growth trajectory with 23.98% YoY growth in FY2025(p.46)
- • Improved gross margins recovering to 17.89% in FY2025 from 12.31% in FY2024(p.46)
- • Quality control measures with dedicated team to identify and reject counterfeit components(p.51)
- • India's largest refurbisher of laptops and desktops with strong global presence(p.105)
- • Diversified geographic operations across India, USA and UAE(p.105)
- • Strong global supply chain with established sourcing base and wide customer base(p.105)
- • State-of-the-art infrastructure and refurbishing capabilities focused on quality(p.105)
- • Well-positioned to benefit from global sustainability and ESG trends(p.105)
- • Experienced management team with significant industry experience(p.105)
- • Proven track record of profitability and consistent financial performance(p.105)
- • India's largest Microsoft authorised refurbisher in terms of refurbishing capability(p.106)
- • Market leadership position in India's fragmented refurbishment sector(p.179)
- • Dominant scale with 46.3% revenue CAGR vs 10.7% global market growth(p.173)
- • Comprehensive in-house refurbishment capabilities including advanced L3 repairs(p.182)
- • Strong OEM partnerships with HP and Lenovo (52% combined market share)(p.178)
- • Microsoft Authorized Refurbisher status with largest capability in India(p.176)
- • Significant cost advantage enabling 66-79% price savings vs new devices(p.179)
- • Global presence across 38 countries with strategic facility locations(p.179)
- • Vertically integrated operations from procurement to after-sales service(p.177)
- • Established ICT refurbished device distribution with global reach and certifications(p.250)
- • Strong revenue growth trajectory with 24% increase in FY2025(p.273)
- • Experienced leadership with long tenure in ICT industry(p.221)
- • Profitability with net profit growth of 32% in FY2025(p.247)
- • International subsidiary operations contributing significant revenue(p.273)
- • India's largest refurbisher of laptops and desktops with global presence(p.296)
- • Strong revenue growth outpacing global market(p.297)
- • Diversified customer base with strong OEM partnerships(p.296)
- • Multi-geography sales network and procurement network(p.298)
- • Superior refurbishment capabilities including advanced repairs(p.298)
- • ISO and international certifications demonstrating quality standards(p.298)
- • Pioneer of warranty programs for refurbished devices(p.297)
Weaknesses
- • Heavy concentration on laptop sales revenue (75.59% in FY2025)(p.30)
- • Substantial indebtedness with low debt servicing coverage ratio (0.25x in FY2025)(p.26)
- • Heavy dependence on Material Subsidiary (66.66% of revenue in FY2025)(p.26)
- • Concentration of customer base with top 10 customers contributing 46.59% of revenue(p.26)
- • Concentration among top 10 suppliers (57.04% of inventory cost in FY2025)(p.26)
- • Negative operating cash flow significantly influenced by working capital loans(p.37)
- • Declining B2C sales channel (reduced from 18.85% in FY2023 to 4.64% in FY2025)(p.26)
- • Presence of related party transactions creating potential conflicts of interest(p.26)
- • High inventory concentration representing 36.26% of total expenses in FY2025(p.49)
- • Significant working capital requirements with inventory turnover of 126.14 days(p.49)
- • Historical delays in payment of statutory dues including PF and ESI(p.47)
- • Contingent liabilities of ₹92.26 million related to GST appeals(p.47)
- • Decline in PAT margin from 4.92% in FY2023 to 4.60% in FY2024, though recovered to 4.89% in FY2025(p.46)
- • Heavy dependence on B2B sales (95.36% of revenue in FY2025) with limited B2C channel development(p.46)
- • Only 1 material creditor representing ₹32.76 million, indicating concentration risk(p.44)
- • Incomplete insurance coverage with ₹350.14 million of uninsured assets(p.44)
- • Material subsidiary has not obtained any credit ratings and significant foreign currency debt(p.97)
- • High consolidated debt levels of ₹5,827.55 million as of March 31, 2025(p.96)
- • Significant working capital facility dependence with ₹4,469.21 million outstanding(p.96)
- • Material Subsidiary has no stated dividend policy and cannot assure dividends(p.101)
- • No peer comparability with only one listed industry peer having negative earnings(p.106)
- • Customer concentration with top 10 customers representing 46.59% of revenue(p.194)
- • Supplier concentration with top 10 suppliers representing 57.04% of inventory costs(p.196)
- • Heavy dependence on leased properties with no owned facilities(p.200)
- • Personal guarantees from promoters on substantial debt obligations(p.210)
- • Geographic revenue concentration with 50.62% from Middle East (UAE)(p.195)
- • High working capital intensity requiring significant short-term borrowings(p.248)
- • High leverage with net debt-to-equity ratio of 1.68x as of March 31, 2025(p.278)
- • Concentrated promoter shareholding of 94.29% limiting free float(p.266)
- • Significant finance costs increasing with debt levels(p.274)
- • Reliance on multiple short-term working capital facilities from diverse lenders(p.269)
- • High customer concentration with top 10 customers representing 46.59% of FY2025 revenue(p.300)
- • Substantial indebtedness with low debt service coverage ratio(p.28)
- • High inventory requirements and working capital needs(p.300)
- • Dependence on limited number of suppliers(p.302)
- • Significant increase in employee expenses indicating rising cost structure(p.306)
Opportunities
- • Global refurbished electronics market projected to reach $246.7B by 2029(p.39)
- • Growing consumer preference for refurbished over "as-is used" devices(p.39)
- • Organized sector (75% market share) consolidation opportunity(p.39)
- • Market resilience in economic downturns(p.22)
- • Expansion into new geographic markets beyond current presence(p.33)
- • Expansion into new geographies and markets globally(p.46)
- • Growing adoption of refurbished products with increasing environmental awareness(p.45)
- • Leveraging export incentives with ₹15.95 million received in FY2025(p.61)
- • Potential to strengthen B2C channel through online marketplaces(p.46)
- • Opportunity to increase refurbishment capacity and scale operations(p.45)
- • Global used & refurbished electronics market projected to grow at 10.7% CAGR to reach US$ 352.4B by CY29(p.141)
- • Global refurbished PCs market expected to grow at 18.9% CAGR to reach US$ 40.6B by CY29(p.143)
- • US used & refurbished PCs market growing at 9.2% CAGR, reaching US$ 15.8B by CY29(p.149)
- • European used & refurbished electronics market projected to reach US$ 93.5B by CY29, growing at 7.0% CAGR(p.152)
- • India's used & refurbished electronics market projected to reach US$ 40.7B by FY30, growing at 15.6% CAGR(p.157)
- • Organized sector in India expected to grow from 13.2% in FY25 to 40% by FY30 at 46% CAGR(p.158)
- • India's refurbished PC market projected to grow from US$ 1.0B in FY25 to ~US$ 4B by FY30 at ~30% CAGR(p.158)
- • Global refurbished premium smartphones market expected to grow at 12.8% CAGR to reach US$ 203.3B by CY29(p.144)
- • Increasing regulatory mandates promoting refurbishment in developed markets(p.152)
- • Growing consumer acceptance driven by sustainability goals and ESG focus(p.145)
- • Massive market expansion with Indian refurbished PC market projected to reach US$4B by FY30(p.176)
- • Organized market share expected to grow from 13.2% in FY25 to 39.7% by FY30(p.185)
- • Government sustainability targets creating favorable policy environment(p.163)
- • Extended Producer Responsibility (EPR) regulations ensuring steady device supply(p.169)
- • ESG-compliant procurement with European markets mandating refurbished device quotas(p.186)
- • Rising digital literacy creating demand for affordable technology solutions(p.164)
- • Growing millennial/Gen Z consumer segment (51% of India's population) preferring sustainable products(p.166)
- • MSMEs and startups seeking cost-effective IT infrastructure solutions(p.166)
- • Expansion of international operations with strong growth outside India(p.273)
- • Domestic market growth through organized ICT refurbished device distribution(p.250)
- • Leasing business expansion with service offerings(p.273)
- • Rapid growth of organized refurbished market in India with high CAGR(p.296)
- • Expanding global refurbished PC market with strong projected growth(p.296)
- • Indian refurbished PC market projected to reach US$4 billion by FY30(p.296)
- • Growing consumer preference for refurbished over as-is used devices(p.296)
- • Increasing digitization and demand for affordable technology in India(p.299)
- • Geographic expansion potential with presence in 38 countries(p.298)
- • Expansion of customer base growing from 1,833 to 4,154 customers(p.298)
Threats
- • Decline in demand for laptops or shift to lower-cost models(p.30)
- • Fluctuations in input costs and parts procurement constraints(p.26)
- • Foreign currency and exchange rate volatility (75.53% overseas revenue in FY2025)(p.26)
- • Regulatory and tariff changes in export markets(p.32)
- • Economic slowdown reducing consumer spending on electronics(p.39)
- • Geopolitical risks in Middle East region (50.62% of revenue in FY2025)(p.33)
- • Competition from established players with greater resources(p.33)
- • Negative publicity impacting brand reputation(p.26)
- • Unorganized market dominance with 86.8% market share in refurbished laptop segment(p.49)
- • Significant pricing pressure from unorganized competitors with lower cost structures(p.50)
- • Vulnerability to supply chain disruptions in used device sourcing(p.45)
- • Risk of technological obsolescence due to rapid semiconductor advancement(p.45)
- • Data privacy risks and consumer trust concerns regarding data sanitization(p.45)
- • Regulatory risks from changing e-waste management and data security laws(p.62)
- • Customer skepticism toward refurbished products due to perceived lower quality(p.45)
- • Exposure to forex fluctuations with international operations in multiple currencies(p.61)
- • Working capital constraints potentially limiting growth and operational flexibility(p.48)
- • Dependence on stable supply relationships with key corporate and IT asset disposal partners(p.45)
- • Global PC market faced headwinds with only 1.6% CAGR from CY18-24(p.127)
- • Supply chain disruptions and semiconductor shortage affecting market growth(p.126)
- • Intense competition from major global PC brands including Lenovo, HP, and Dell(p.127)
- • Market fragmentation in refurbishment industry with no player exceeding 5% market share(p.149)
- • Geopolitical tensions and economic uncertainty affecting consumer demand(p.119)
- • Regulatory changes in taxation and trade policies impacting cross-border operations(p.96)
- • Risk of variations in funding requirements affecting business operations(p.96)
- • India's PC penetration at only 80-95 per thousand population indicates market immaturity and limited growth potential(p.140)
- • Rapid technological obsolescence rendering older refurbished devices obsolete(p.175)
- • Consumer mistrust and perception of inferiority of refurbished products(p.175)
- • Lack of uniform industry standards creating quality discrepancies(p.175)
- • Data security risks from inadequate data erasure processes(p.175)
- • Limited consumer awareness of refurbished product benefits(p.175)
- • Foreign currency fluctuation exposure given significant international operations(p.249)
- • Inventory accumulation risk with finished goods stock increase of 55%(p.265)
- • Refinancing risk from heavy reliance on short-term working capital facilities(p.268)
- • Significant differences between Ind AS and other accounting principles may affect investor assessment(p.60)
- • Foreign exchange fluctuation exposure from international operations(p.302)
- • Macro-economic conditions and global market fluctuations(p.299)
- • Risk of non-compliance with environmental and regulatory requirements(p.48)
- • Counterparty credit risk and payment default exposure(p.300)
- • GST litigation with material contingent liabilities(p.287)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sharad Khandelwal | Promoter/Promoter Selling Shareholder | 18.50% | — |
| Vidhi Sharad Khandelwal | Promoter/Promoter Selling Shareholder | 18.50% | — |
| Amiable Electronics Private Limited | Promoter/Promoter Selling Shareholder | 57.29% | — |
| Kay Kay Overseas Corporation | Promoter Firm | — | — |
| Sharad Khandelwal | Promoter | 18.50% | — |
| Vidhi Sharad Khandelwal | Promoter | 18.50% | — |
| Amiable Electronics Private Limited | Promoter | 57.29% | — |
| Vivek Khandelwal | Promoter Group | 0.71% | — |
| Sharad Khandelwal | Promoter | — | — |
| Vidhi Sharad Khandelwal | Promoter | — | — |
| Kay Kay Overseas Corporation | Promoter Group | 72.28% | — |
| Amiable Electronics Private Limited | Holding company | — | — |
| Sharad Khandelwal | Individual Promoter | 18.50% | [●] |
| Vidhi Sharad Khandelwal | Individual Promoter | 18.50% | [●] |
| Kay Kay Overseas Corporation | Promoter Firm | — | — |
| Amiable Electronics Private Limited | Corporate Promoter | 57.29% | [●] |
| Sharad Khandelwal | Managing Director and Promoter | — | — |
| Sharad Khandelwal | Promoter Selling Shareholder | — | — |
| Vidhi Sharad Khandelwal | Promoter Selling Shareholder | — | — |
| Amiable Electronics Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Sharad Khandelwal · Managing Director
Rinku Vikas Arora · Chairperson and Independent Director
Raakesh Jagdish Jhunjhunwala · Chief Financial Officer
Sarita Tufani Vishwakarma · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
GNG Electronics IPO FAQs
What is the lot size of GNG Electronics IPO?
The minimum lot size of GNG Electronics IPO is 63 shares. One lot costs ₹14,931 at the cut-off price.
When does GNG Electronics IPO open and close?
GNG Electronics IPO opened for subscription on 23 Jul 2025 and closed on 25 Jul 2025.
What is the listing date of GNG Electronics IPO?
GNG Electronics IPO listed on 30 Jul 2025.