GNG Electronics IPO: Analysts bullish; GMP signals potential listing gains

The initial public offering (IPO) for GNG Electronics begins on Wednesday, July 23, 2025. Shares are priced between Rs 225 and Rs 227, aiming to raise Rs 460.43 crore. The IPO has received positive reviews from brokerage firms so far as analysts remain optimistic on the issue.

This includes a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 25.50 lakh shares worth Rs 60.44 crore. Investors can apply in lots of 63 shares. Key dates include the closing of the issue on Friday, July 25 and the anticipated listing on July 30.

GNG Electronics is India’s largest refurbisher of laptops and desktops and ranks among the largest refurbishers of ICT devices globally. It has registered strong revenue, Ebitda and PAT CAGR of 46 per cent, 58 per cent and 46 per cent to Rs 1,411 crore, Rs 117 crore and Rs 69 crore for FY23-FY25, respectively. 

The industry forecast indicates a healthy growth for the Global Refurbished PC Market/Indian Refurbished PC Market. It is expected to repay debt of Rs 320 crore in FY26, which shall aid in saving on interest costs and boost profitability. It does not have any listed like-for-like industry peers in India,” it added with a ‘subscribe’ rating for the issue.

Founded in 2006, Mumbai-based GNG Electronics offers refurbishing services for laptops, desktops, and ICT devices globally and in India. Operating under the ‘Electronics Bazaar’ brand, the company provides services from sourcing to refurbishment, sales, and after-sales care, including warranty. It has a presence in India, the USA, Europe, Africa, and the UAE.

“We recommend subscribing to the issue for long-term investment, as the company is well-positioned to benefit from robust growth tailwinds in the IT asset disposition (ITAD) segment and the expanding refurbished products market, in addition to gaining scale-driven advantages,” said SMIFS in its IPO note.

The grey market premium for GNG Electronics has been surging sharply higher. A day before its IPO kicking for bidding, GNG Electronics shares were commanding a grey market premium of Rs 92-95 apeice, suggesting a listing pop of nearly 40 per cent at the upper end of the price band. The GMP stood around Rs 85 when the price band was announced.

GEL is India’s largest Microsoft authorized refurbisher, in terms of refurbishing capability, as of Fiscal 2025 . It also serves as an IT asset disposal partner for India’s second – largest software company, in terms of market capitalization as of Fiscal 2025, procuring their used IT assets, said Bajaj Broking.

“GNG Electronics is key Indian player for refurbished IT devices and provides related services globally. It is one of the few companies which pioneered the concept of warranty for the refurbished ICT Devices to provide comfort and trust to customers and are still industry leading the warranty terms,” it added.
 

The IPO is managed by Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial, with Bigshare Services as the registrar. The anchor book, to be announced later today, gauges institutional interest. Shares will be listed on BSE and NSE.