GNG Electronics IPO 2025: ₹460 Cr Offering Signals Refurb Tech Boom

 

Why This Is Trending

The GNG Electronics IPO surged to the top of Google trends on July 23, 2025, as the Mumbai-based company, a leader in *refurbished laptops and desktops, launched its initial public offering to raise ₹460.43 crore. The IPO, which opened for subscription from July 23 to July 25, 2025, drew massive attention due to its 40% grey market premium and strong 4.5x subscription rate by 1:20 PM on the first day, with retail investors applying for 5.3x their allocated shares. Posts on X, like those from @CNBCTV18Live, amplified the buzz, highlighting GNG Electronics’ role as India’s largest Microsoft Authorized Refurbisher and its global reach across 38 countries. Amid India’s booming consumer electronics market, valued at US$71.7 billion in FY25, GNG’s focus on *sustainability and affordable tech resonates with investors and consumers alike, sparking optimism about its BSE and NSE listing on July 30, 2025.

Relevance Summary: GNG Electronics’ ₹460 Cr IPO in 2025 fuels excitement for its refurbished tech growth and sustainability focus.

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Recent Developments  

IPO Launch and Strong Subscription
GNG Electronics Limited opened its initial public offering on July 23, 2025, aiming to raise ₹460.43 crore through a fresh issue of 1.69 crore shares (₹400 crore) and an offer for sale (OFS) of 25.5 lakh shares (₹60.44 crore). The price band is set at ₹225–₹237 per share, with a minimum lot size of 63 shares, requiring a ₹14,931 investment for retail investors. By 1:20 PM on the first day, the IPO was subscribed 4.5x overall, with retail investors at 5.3x and non-institutional investors (NII) at 8.8x, per @CNBCTV18Live on X. The anchor book raised ₹138.13 crore on July 22, 2025, with investors like Goldman Sachs, Motilal Oswal Mutual Fund, and Mirae Asset participating. Allotment is expected on July 28, 2025, with shares listing on BSE and NSE on July 30, 2025.

Grey Market Premium Soars
As of July 22, 2025, GNG Electronics shares traded at a 38.82% grey market premium (₹92 above the ₹237 cap price), reaching ₹329 in the grey market, signaling a potential 40% listing pop. Brokerages like SMIFS and Arihant Capital recommend subscribing, citing GNG’s leadership in the refurbished electronics market. The IPO is managed by Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial, with Bigshare Services as the registrar.

Financial Growth and Strategic Use of Funds
GNG Electronics reported revenue of ₹1,420.37 crore and a net profit of ₹69.03 crore in FY25, up 24% and 32% respectively from FY24’s ₹1,143.80 crore revenue and ₹52.31 crore profit. The company plans to use ₹320 crore of the IPO proceeds to repay borrowings of itself and its subsidiary, Electronics Bazaar FZC, with the remainder for general corporate purposes like operational infrastructure and brand visibility.

Background & Biography

A Leader in Refurbished Tech
Founded in 2006, GNG Electronics Limited, headquartered in Mumbai, operates under the Electronics Bazaar brand and is India’s largest refurbisher of laptops and desktops. It ranks among the top global ICT device refurbishers, with a presence in 38 countries, including the USA, Europe, Africa, and UAE. As of March 31, 2025, GNG boasts 4,154 touchpoints and 5,840 SKUs, offering refurbished laptops, desktops, tablets, servers, and mobile accessories. The company is India’s largest Microsoft Authorized Refurbisher and serves as an IT asset disposal (ITAD) partner for India’s second-largest software company by market capitalization. Its partnerships with HP, Lenovo, and Vijay Sales enable efficient buyback programs for new device sales.

Sustainability and Global Reach
GNG emphasizes a repair-over-replacement approach, certified by the Central Pollution Control Board for Extended Producer Responsibility and Sustainable Electronics Recycling International (SERI) for Responsible Recycling Version 3. Its refurbishment facilities in Navi Mumbai, Dallas, Texas, and Sharjah, UAE, deliver devices that perform like new at 35–50% of the cost, backed by 1–3 year warranties. In FY25, GNG employed 1,194 people and expanded its procurement network from 265 partners in FY23 to 557 in FY25, including Iron Mountain and Apto Solutions Inc..

Leadership and Promoters
Sharad Khandelwal, CEO, leads GNG Electronics, with Vidhi Sharad Khandelwal, Amiable Electronics Private Limited, and Kay Kay Overseas Corporation as promoters. The company’s focus on sustainability and affordable tech aligns with India’s Digital India and Make in India initiatives, driving its 23.98% revenue growth from FY24 to FY25.

Social Media Reaction

Investor Excitement on X
The GNG Electronics IPO sparked significant buzz on X, with @CNBCTV18Live reporting a 4.5x subscription rate on July 23, 2025, fueling optimism. @ankit_investing noted the 40% grey market premium, calling it “not a bad one for listing gains,” though cautioning about a high debt-to-equity ratio of 2. Users praised GNG’s sustainability focus, with one writing, “Love how GNG Electronics is making tech affordable and eco-friendly!” However, some expressed concerns about valuation risks, with @Tanmay_31_ highlighting the P/E ratio of 39.14x based on FY25 earnings.

Analyst Breakdowns Amplify Interest
Analysts like @nakulvibhor shared detailed IPO analyses on X, urging investors not to miss the opportunity, while @investorniti emphasized GNG’s 450 crore fresh issue and global expansion plans. The hashtag #GNGElectronicsIPO trended, with users debating the IPO’s long-term potential versus market volatility. Posts also highlighted GNG’s partnerships with Microsoft and HP, reinforcing investor confidence.

Public Sentiment

Optimism for Sustainable Tech
Public sentiment leans positive, with investors and consumers excited about GNG Electronics’ role in the refurbished electronics market, projected to grow at a 30% CAGR in India to US$4 billion by FY30. Fans on X praised GNG’s e-waste management and affordable devices, with one user stating, “GNG’s refurbished laptops are a game-changer for students and startups.” The company’s global footprint and certifications bolster trust, aligning with growing demand for sustainable tech solutions.

Concerns Over Valuation and Debt
Skepticism persists among some investors, particularly regarding GNG’s P/E ratio of 39x and debt-to-equity ratio of 2. X users like @ankit_investing noted, “High D/E is a red flag, but the 40% GMP is tempting.” Others worry about promoter stake dilution through the OFS, though GNG’s revenue growth and brand equity with Vijay Sales and Lenovo counterbalance these concerns. The anchor investor participation from Goldman Sachs and others has reassured retail investors.

What Experts Are Saying

Brokerage Recommendations
SMIFS recommended subscribing to the GNG Electronics IPO for long-term investment, citing its position in the IT asset disposition (ITAD) segment and the refurbished products market’s 17.4% global CAGR. Arihant Capital Markets noted, “GNG has doubled its customer base in two years and expanded across 38 countries,” assigning a subscribe rating due to its P/E of 39.14x and 30% Indian market CAGR. Canara Bank Securities praised GNG’s B2B integrations and OEM partnerships, while GEPL Capital highlighted its procurement network growth from 265 to 557 partners. SBI Securities emphasized the global refurbished PC market’s 18.9% CAGR and India’s 31.3% CAGR through FY30, recommending a subscribe rating. However, Anand Rathi cautioned that the P/E of 39.1x suggests the issue is fully priced.

Industry Insights
Market analyst Vivek Ananth told Business Today, “GNG Electronics is well-positioned to capitalize on India’s Digital India push and the global shift toward sustainable tech.” 1Lattice Report ranks GNG as India’s largest laptop and desktop refurbisher by value as of March 31, 2025, with a robust supply chain and e-commerce platform (www.electronicsbazaar.com). However, InvestorZone’s 3/10 rating cautioned about market risks and promoter dilution, urging careful evaluation.

Impact on the Market and Investors

Boosting India’s Refurbished Tech Sector
The GNG Electronics IPO taps into India’s consumer electronics market, valued at US$71.7 billion in FY25 and projected to reach US$128.6 billion by FY30 at a 12.4% CAGR. GNG’s sustainability focus aligns with Digital India and Make in India, enhancing its appeal to environmentally conscious investors. Its ITAD services and partnerships with Vijay Sales, HP, and Lenovo strengthen its B2B and B2C presence, positioning it as a leader in affordable tech.

Investor Opportunities and Risks
The 40% grey market premium suggests strong listing gains, attracting retail and institutional investors. However, the P/E ratio of 39x and debt concerns raise caution, with Trade Brains advising investors to weigh market volatility and promoter dilution. The anchor investor backing from Goldman Sachs and Motilal Oswal signals confidence, but InvestorZone warns of potential post-listing volatility.

Global and Domestic Growth
GNG’s 38-country presence and 4,154 touchpoints underscore its global scalability. Its e-waste management and Responsible Recycling certifications enhance its appeal in markets like the USA and UAE, where sustainability is a priority. The IPO’s success could set a precedent for other refurbished tech companies in India.

FAQs

1. What is the GNG Electronics IPO issue size and price band?
   The GNG Electronics IPO is a ₹460.43 crore book-built issue, with a fresh issue of ₹400 crore and an OFS of 25.5 lakh shares. The price band is ₹225–₹237 per share.

2. When does the GNG Electronics IPO open and close?
   The IPO opened on July 23, 2025, and closed on July 25, 2025. Anchor investor bidding was on July 22, 2025.

3. What is the minimum investment for GNG Electronics IPO?
   Retail investors need 63 shares (1 lot), costing ₹14,931 at the upper price band of ₹237.

4. When is the GNG Electronics IPO listing date?
   The tentative listing date on BSE and NSE is July 30, 2025, with allotment finalized on July 28, 2025.

5. What does GNG Electronics do?
   GNG Electronics, under Electronics Bazaar, refurbishes laptops, desktops, and ICT devices, offering ITAD, e-waste management, and buyback programs in 38 countries.

6. What is the grey market premium for GNG Electronics IPO?
   As of July 22, 2025, the grey market premium was ₹92–₹100, suggesting a 38–40% listing pop at ₹329 per share.

7. Should I invest in the GNG Electronics IPO?
   Brokerages like SMIFS, Arihant Capital, and SBI Securities recommend subscribing for long-term gains, citing GNG’s growth in the refurbished tech market. However, InvestorZone rates it 3/10 due to valuation risks.

8. What are GNG Electronics’ financials?
   In FY25, GNG reported ₹1,420.37 crore in revenue and ₹69.03 crore in profit, up 24% and 32% from FY24’s ₹1,143.80 crore and ₹52.31 crore.

Closing: What to Watch Next

GNG Electronics’ IPO, launched July 23, 2025, has ignited investor excitement with a 40% grey market premium. Watch for listing performance on July 30 and GNG’s expansion in the refurbished tech market.