GNG Electronics Set to Raise ₹825 Crore through IPO, Targets Expansion in Refurbished ICT Market
GNG Electronics, India leading refurbisher of laptops, desktops, and other ICT devices, is preparing to tap the primary market with an initial public offering (IPO) aimed at raising ₹825 crore. The company, known for its expertise in refurbishing information and communication technology (ICT) devices, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on December 14.
IPO Structure and Offer Details
The GNG Electronics IPO will consist of a fresh issue of equity shares, with a face value of ₹2 each, aggregating up to ₹825 crore. In addition, the issue includes an offer for sale (OFS) of up to 97 lakh shares, comprising equity shares from shareholders Sharad Khandelwal (35,000 shares), Vidhi Sharad Khandelwal (35,000 shares), and Amiable Electronics Private Limited (9.63 million shares).
The book-running lead managers for the issue are Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial, while Bigshare Services Private Limited will serve as the registrar.
Use of Proceeds
The company plans to utilize the net proceeds from the IPO for several strategic purposes, including repaying outstanding borrowings and funding the working capital requirements of the business. A portion of the funds will also be allocated for general corporate purposes.
With the growing demand for refurbished ICT products in India, GNG Electronics aims to strengthen its position in this rapidly expanding sector, poised for continued growth.
