GNG Electronics IPO: A Comprehensive Overview

Company Overview

GNG Electronics Limited, incorporated in 2006 and headquartered in Mumbai, is a prominent player in the refurbishment of Information and Communication Technology (ICT) devices. Operating under the brand name "Electronics Bazaar," the company specializes in the refurbishment of laptops, desktops, tablets, servers, smartphones, and accessories. With a footprint extending across India, the USA, Europe, Africa, and the UAE, GNG has emerged as India’s largest Microsoft-authorized refurbisher and a certified partner for global giants such as HP and Lenovo.

Business Operations and Services

GNG Electronics offers a complete end-to-end refurbishment cycle that includes sourcing, refurbishing, sales, after-sales service, and warranty management. The company also provides several value-added services, such as IT asset disposition (ITAD), e-waste management, doorstep service, on-site installation, flexible payment plans, device upgrades, and assured buyback programs.

One of GNG's strategic strengths is its ability to provide customized buyback solutions to large format retail outlets like Vijay Sales, as well as OEM brand stores such as HP India and Lenovo India. This facilitates the sale of new devices while managing refurbished inventory effectively.

Sales and Distribution Network

As of March 31, 2025, GNG Electronics sells its refurbished ICT devices in 38 countries. The company boasts a robust sales network with 4,154 touchpoints across India and globally, strengthening its market presence and reach.

Objects of the Issue

The IPO proceeds will be used for the following purposes:

• Repayment of outstanding borrowings availed by the company and its material subsidiary Electronics Bazaar FZC: ₹320 crore (80% of the issue)

• General corporate purposes

Strengths of GNG Electronics

• Market leadership as India’s largest refurbisher of laptops and desktops

• Global presence with sales in 38 countries

• Certified partner for top-tier OEMs like HP and Lenovo

• Comprehensive service offerings from sourcing to after-sales

• Strong ESG alignment through e-waste reduction and sustainability initiatives

  
  

Key Risks to Consider

• Heavy dependence on laptop sales, contributing over 75% of operational revenue

• Vulnerability to rapid technological obsolescence in the ICT sector

• Working capital-intensive operations affecting liquidity

• Moderate financial risk with an adjusted overall gearing of 2.73x as of FY24

• Fierce competition in the refurbished electronics market, both in India and abroad

GNG Electronics IPO: Key Details

• IPO Dates: 23rd to 25th July 2025

• Price Band: ₹225 to ₹237 per share

• Lot Size: 63 shares

• Total Issue Size: ₹460 crore

• Retail Quota: 35%

• Grey Market Premium (GMP): ~35% (indicative only)

Allotment Link

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