| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 225 to ₹ 237 | 63 | 23rd Jul, 2025 – 25th Jul, 2025 | ₹460.43 Cr |
GNG Electronics Ltd.
GNG Electronics Limited, (Electronics Bazaar), is India’s largest refurbisher of laptops and desktops and among the largest refurbishers of ICT Devices globally. Its presence spans across India, USA, Europe, Africa and UAE. GNG operates across the entire refurbishment value chain, from sourcing and refurbishing to sales, after-sales service, and warranty support. Its broad product portfolio includes refurbished laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories. It is also a certified refurbishment partner for global OEMs such as Lenovo and HP. In addition to ICT devices, GNG offers a suite of complementary services such as IT asset disposition (ITAD), e-waste management, flexible payment solutions, doorstep service, on-site installation, assured buyback programs, and warranty support for refurbished products. As of FY25, the company has a wide-reaching sales presence across 38 countries, with 4,154 active touchpoints (up from 1,833 in FY23). GNG operates five refurbishment facilities located strategically across Navi Mumbai (India), Dallas (USA), and Sharjah (UAE) to cater to both domestic and international markets. The company derives approximately 75% of its revenue from international operations, with the USA and Europe being its key markets. Laptops account for 75.6% of total revenue, followed by other refurbished products and value-added services.
Objective of the GNG Electronics Ltd. IPO
The company proposes to utilize net proceeds towards funding the following objects:
- Prepayment and/or repayment of all or a portion of certain outstanding borrowings availed by the company; and
- general corporate purposes.
Out of the total issue of Rs. 4,604 million, Rs. 604 million constitutes as OFS, which will not be received by the company.
Rationale To GNG Electronics Ltd IPO
Strong market position supported by comprehensive supply-chain
As India’s largest refurbisher of laptops and desktops and among the top refurbishers of ICT devices globally, GNG Electronics is uniquely positioned in a highly fragmented yet fast-growing market. The company leverages its leadership to serve a wide and growing demand across geographies, from India to the USA, Europe, Africa, and the UAE, through refurbished products that are priced affordably and maintain high standards of quality, reliability, and warranty support. This strength is amplified by its strategically designed global supply chain and sourcing base, which ensures consistent device availability and operational efficiency. With certified refurbishing partnerships with top global OEMs like HP, Lenovo, and Microsoft, and a procurement network comprising corporates, leasing firms, and retail partners, GNG benefits from superior sourcing economics and high customer trust. Its scale, multi-channel presence, and value-added reseller (VAR) network allows it to deliver high-quality ICT devices through 4,000+ touchpoints across 38 countries. The combination of category leadership and a well-integrated global supply and distribution engine positions GNG Electronics to scale profitably.
As India’s largest refurbisher of laptops and desktops and among the top refurbishers of ICT devices globally, GNG Electronics is uniquely positioned in a highly fragmented yet fast-growing market. The company leverages its leadership to serve a wide and growing demand across geographies, from India to the USA, Europe, Africa, and the UAE, through refurbished products that are priced affordably and maintain high standards of quality, reliability, and warranty support. This strength is amplified by its strategically designed global supply chain and sourcing base, which ensures consistent device availability and operational efficiency. With certified refurbishing partnerships with top global OEMs like HP, Lenovo, and Microsoft, and a procurement network comprising corporates, leasing firms, and retail partners, GNG benefits from superior sourcing economics and high customer trust. Its scale, multi-channel presence, and value-added reseller (VAR) network allows it to deliver high-quality ICT devices through 4,000+ touchpoints across 38 countries. The combination of category leadership and a well-integrated global supply and distribution engine positions GNG Electronics to scale profitably.
Valuation of GNG Electronics Ltd IPO
GNG Electronics operates in the refurbished electronic space as one of the larger player, offering a comprehensive range of refurbished products at a highly discounted rate. GNG’s core strengths lie in its category leadership, extensive global supply chain, and robust sourcing network, supported by partnerships with global OEMs like HP, Lenovo, and Microsoft. Its business model is well-aligned with the growing focus on sustainability and ESG compliance, backed by certifications such as EPR and ISO. The company also benefits from strong process control, wide product assortment (5,800+ SKUs), and an expansive distribution network, including 4,000+ global touchpoints. On the industry front, the global refurbished personal computers market grew from USD 9.7 billion in CY18 to USD 17.1 billion in CY24, reflecting an 9.9% CAGR, and is expected to grow at 18.9% CAGR over CY24-29 reaching USD 40.6 billion. Similarly, the Indian refurbished PC market grew from USD 0.2 billion in FY19 to USD 1 billion in FY25, showing a 28% CAGR, and is expected to reach USD 4 billion by FY30, registering a CAGR of 30%. Given the increasing preference for refurbished devices and traction in the organised market share, we believe that the company is well positioned to benefit from the macro-level tailwinds. Financially, the company reported Revenue/EBITDA/PAT at a CAGR of 46.3%/58.0%/45.9% between FY23 and FY25. On the margin front, consistent improvement on the operational level is seen driven by better top line and lower overall expenses. There has been an uptick in debt levels between FY23-25. However, we anticipate improved profitability and better return ratios in the medium term as proceeds would largely be used to repay debt. ROE and ROCE for FY25 stood at 30.4% and 16.1%, respectively. Owing to GNG Electronics’ strong positioning in a high-growth industry, demonstrated financial performance and improving operational metrics, we believe the company is well placed to capture the expanding opportunity in the organised refurbished electronics market. The issue is valued at a P/E of 33.4x on the upper price band based on FY25 earnings, which is deemed fair. Therefore, we recommend a SUBSCRIBE rating for the issue.
What is the GNG Electronics Limited IPO?
The initial public offer (IPO) of GNG Electronics Limited offers an early investment opportunity in GNG Electronics Ltd . A stock market investor can buy GNG Electronics Ltd IPO shares by applying in IPO before GNG Electronics Ltd shares get listed at the stock exchanges. An investor could invest in GNG Electronics Ltd IPO for short term listing gain or a long term.
How to apply for the GNG Electronics Ltd IPO through StoxBox?
To apply for the GNG Electronics Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the GNG Electronics Ltd IPO open?
GNG Electronics Ltd IPO is opening on 23rd Jul 2025. Apply Now
What is the lot size of the GNG Electronics Ltd IPO?
The Lot Size of Indiqube Spaces Limited IPO is 63 equity shares. Login to your account now.
When is the GNG Electronics Ltd allotment date?
The allotment Date for GNG Electronics Ltd IPO is 28th Jul 2025. Login to your account now.
When is the GNG Electronics Ltd IPO listing date?
The listing Date for GNG Electronics Ltd IPO is 30th July 2025. Login to your account now
What is the minimum investment required for the GNG Electronics Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,931. Login to your account now
What is the maximum investment allowed for the GNG Electronics Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,94,103. Login to your account now
What are the risks associated with investing in the GNG Electronics Ltd IPO?
- GNG’s inability to effectively manage its growth or to successfully implement its business plan and growth and expansion strategy may have an adverse effect on its business.
- The company relies on a limited number of supplier for its inventory (top 5 suppliers contribute to ~35% of its inventory). Any interruption in the availability of inventory may adversely impact its operations.
- The company has significant working capital requirement as there is considerable time lag between purchase of inventory and realisation from sale of its ICT Devices.
When will the GNG Electronics Ltd IPO shares be credited to my Demat account?
The Indiqube Spaces Limited. IPO be credited to the account on allotment date which is 29th Jul 2025. Login to your account now
Where can I find the GNG Electronics Limited IPO prospectus?
The prospectus of Indiqube Spaces Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
