GNG Electronics IPO

About the company

Incorporated in 2006, GNG Electronics Limited operates as a refurbisher of laptops and desktops and ICT devices. It follows a repair-over-replacement approach, which provides cost advantages. It operates under the brand "Electronics Bazaar" and has a presence across the full refurbishment value chain from sourcing to refurbishment to sales, after-sales services, and providing warranty. The company's comprehensive refurbishment process ensures that ICT devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories are like new devices in terms of both performance and aesthetics. They can offer laptops at 1/3 the price of new devices and other devices at 35-50% the price of new devices. The company pioneered the concept of warranty for refurbished ICT devices and continues to lead the industry in warranty terms. As of FY25, the company's portfolio included 5,840 SKUs across various categories. Revenue from laptop sales contributed 75.59% of total revenue in FY25, amounting to ₹1,066.71 crores, while revenue from other products and services contributed 24.41%, or ₹344.40 crores. It refurbished 590,787 devices, serving 4,154 customers and working with 557 procurement partners in FY25. The company has 5 refurbishing facilities located across India, the USA, and the UAE, with 1 facility in Navi Mumbai (Maharashtra, India), 1 in Dallas (Texas, USA), and 3 in Sharjah (UAE), aggregating to 58,127.82 sq. ft. Each facility is equipped with extensive refurbishing capabilities, and it is among a few companies globally specialising in LCD repairs, including repolarisation and light guide plate correction. In FY25, 75.53% of revenue came from outside India, whereas 24.47% came from within India. The company has a sales network with refurbished ICT devices being sold in 38 countries as of March 31, 2025. Their sales network comprises 4,154 touchpoints in India and globally, including IT Solutions Providers/Value Added Resellers, System Integrators, E-Tailers, Rental and Leasing Companies, and Distributors/Aggregators. Their procurement partners include USA-based Iron Mountain and Apto Solutions Inc., Australia-based Green Box Group Pty Ltd and Renew IT Pty Ltd, along with major brands. The global ICT hardware market is projected to grow from US$ 727 Bn in 2024 to US$ 1,042 Bn by 2029 at a CAGR of 7.5%, driven by digitalisation, cloud adoption, and demand for cost-effective devices. In the US, the ICT market is expected to expand at a CAGR of 4.5%, with strong demand for laptops in hybrid work and digital learning environments. Europe's ICT and PC markets are growing steadily, supported by sustainability regulations and increasing demand for refurbished, energy-efficient devices. Meanwhile, India's ICT market, valued at US$48.5 Bn in FY25, is forecasted to grow at a robust 11.4% CAGR, with the PC segment (especially laptops) expected to reach US$14.5 Bn by FY30, backed by rising digital adoption, affordability, and youth-driven demand. With laptops priced at 1/3rd of new devices, GNG addresses the demand in budget-conscious segments, especially in India and Southeast Asia. With 75.5% of FY25 revenue from outside India and operations in the US and UAE, GNG can benefit from growing PC demand due to hybrid work and preference for sustainable and refurbished products amid strong e-waste regulations outside India. Now, GNG Electronics Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹400.00 crore and an offer for sale worth up to ₹60.44 crore. The total issue size of the IPO is ₹460.44 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   23 Jul 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   25 Jul 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   28 Jul 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   29 Jul 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   29 Jul 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   30 Jul 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.