India’s largest laptop and desktop refurbishment player, GNG Electronics, is going for a public issue. Its IPO is opening on July 23, 2025 (Wednesday), and the bidding will take place till July 25, 2025 (Friday). Operating under the Brand name of “Electronics Bazaar”, the company is present across the full spectrum from sourcing, refurbishment, sales, to after-sales services and warranty.
In this blog, we’ll know the 10 key GNG Electronics IPO details, including its IPO dates, minimum investment, financials, peers, and risk factors.
1. GNG Electronics IPO Date
GNG Electronics IPO is a mainboard IPO which is going to open on July 23, 2025 and will close on July 25, 2025. The allotment date is July 28, 2025, while the listing is expected to be on July 30, 2025. As it is a mainboard IPO, it is going to list on both the NSE and BSE exchanges.
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2. GNG Electronics IPO Issue Size
GNG Electronics IPO valuation, as denoted by the market capitalization, stood at around ₹2,702 crores. The lot size is 63 shares, and the price band is fixed at ₹225 to ₹237 per share.
Its issue size is ₹460.43 crores (1.94 crore shares), which includes the fresh issue of ₹400 crores (1.68 crore shares) and the offer-for-sale of ₹60.44 crores (25 lakh shares).
3. GNG Electronics IPO Proceeds Usage
GNG Electronics IPO fresh issue proceeds will be used for pre-payment or repayment of loans taken by the company and its subsidiary, Electronics Bazaar FZC. It will also be used for other corporate purposes such as funding growth initiatives, improving marketing moves, or any other strategic steps.
The offer for sale component will directly go to the promoter selling shareholders. They are Sharad Khandelwal, Vidhi Sharad Khandelwal, and Amiable Electronics Private Limited.
4. GNG Electronics IPO Reservations and Minimum Investment
GNG Electronics IPO reservation to retail investors is 35% of the offer. For QIBs, it is 50% of the offer, and for NIIs, it is 15% of the offer. In the RHP, there is no mention of GNG Electronics IPO shareholder quota.
GNG Electronics IPO lot size is 63 shares, wherein bidding can be done in multiples. The minimum amount that a retail investor has to invest (at the upper price band) is ₹14,931. For S-NII, the minimum investment amount is ₹2,09,034, while for B-NII, it is ₹10,00,377.
5. GNG Electronics IPO GMP
GNG Electronics IPO GMP is ₹78 as of July 21, 2025 (at 14:30). It is expected to list at a 32.91% gain at a price of ₹315. However, GMP is not a safe or assured criterion to bid for an IPO.
6. GNG Electronics Limited: Company Overview
Incorporated in 2006, GNG Electronics Limited is India’s leading laptop and desktop refurbishment company. It is also the largest refurbisher of ICT Devices in India and the world, with a presence across the US, UAE, Europe, and Africa. From sourcing, refurbishment, to after-sales and warranty, GNG Electronics is present across the wide spectrum of the value chain.
The company also offers value-added services, including ITAD (IT Asset Disposition) and e-waste management services, doorstep services, on-site installation, and buyback programmes for refurbished ICT Devices. It is also the largest Microsoft authorised refurbisher in India and has also partnered with Lenovo and HP.
In FY25, GNG Electronics served 4,154 customers, higher than the customer count of 3,252 in FY24. Its network is spread across 38 countries in North America, Asia, Asia Pacific, Europe, Africa, and the Middle East. The company operates five facilities located in India, US, and UAE.
7. GNG Electronics IPO: Industry Overview
The global market for refurbished personal computers has seen steady growth, rising from $9.7 billion in 2018 to $17.1 billion in 2024, with a compound annual growth rate (CAGR) of 9.9%. It is expected to grow even faster, reaching $40.6 billion by 2029 with a projected CAGR of 18.9%.
After including the used PCs segment, the total global market is set to hit $61 billion by 2029, growing at 10.4% annually, as more people are looking for affordability without compromising the quality.
On the other hand, the India refurbished PC market has grown fivefold from $0.2 billion in FY2019 to a projected $1 billion by FY2025, with a CAGR of 28%. This momentum is expected to continue, reaching $4 billion by FY2030 at an impressive 30% CAGR. This clearly shows a trend that the buyers are increasingly prioritizing performance and reliability, while still looking for cost-effective devices.
8. GNG Electronics IPO: Financial Performance
In FY25, GNG Electronics Limited’s revenue from operations grew by 24% year-on-year, reaching ₹1,411 crores in FY25 from ₹1,138 crores in FY24. The net profit also increased by 32% from ₹52 crores in FY24 to ₹69 crores in FY25.
In the financial year 2024-25, the EBITDA stood at ₹126 crores, up 49% YoY from ₹85 crores in FY24. The total borrowings stood at ₹447 crores in FY25, a rise of 39% from the previous financial year. On the other hand, total assets increased by 23% YoY to ₹719 crores in FY25.
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9. GNG Electronics IPO: Peer Analysis
GNG Electronics Limited’s PE ratio stands at 33.35, and EPS is positive at ₹7.09 in FY25. Its only listed peer, Newjaisa Technologies Limited, has a negative EPS of 0.32. It means that GNG Electronics is generating better returns for shareholders.
As of March 31, 2025, GNG Electronics has a healthy ROE and ROCE of 30.40% and 17.31%, respectively. On the other hand, Newjaisa Technologies Limited has a negative ROE of 1.45% and ROCE of 0.36%.
GNG Electronics’ EBITDA margin was 8.94%, while PAT margin stood at 4.89% in FY25. These ratios are also better than the key peer, thereby signifying the fundamental strength of the company.
10. GNG Electronics IPO Risk Factors
As of FY25, over 75% of operating revenue is derived from the sales of laptops, and a decline in demand can have a direct impact on GNG Electronics’ financial performance. More than 75% of the revenue is concentrated in the Middle East, US, and other global locations, thereby exposing the business to geographical risks.
The increase in the price of parts and materials consumed will increase the total expenses of the company, which can impact its profitability. The higher borrowings and debt servicing coverage ratio require an ample amount of cash flows and can increase the challenge to meet the financial obligations.
For all the insights on GNG Electronics IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for GNG Electronics IPO easily on the SMC ACE App by opening free demat account now.
References:
https://www.sebi.gov.in/filings/public-issues/jul-2025/gng-electronics-limited-rhp_95435.html
https://www.investorgain.com/gmp/gng-electronics-ipo-gmp/1335/
Author: All Content is verified by SMC Global Securities.
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