GNG Electronics made a solid debut on the D-Street with a listing at a premium of 50% on the National Stock Exchange at Rs 355 to the issue price.
“However, post-listing valuations appear stretched, limiting immediate upside potential from current levels. In light of this, we believe conservative investors should consider booking profits and capitalising on the initial momentum,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
GNG Electronics IPO: Subscription numbers so far
The IPO received a strong response across investor categories. The overall subscription stood at 150.21 times. Within this, the retail portion was booked 47.36 times, non-institutional investors (NII) showed a strong interest with 226.44 times subscription, while qualified institutional buyers (QIBs) subscribed 266.21 times.
GNG Electronics IPO: IPO snapshot
The GNG Electronics IPO raised a total of Rs 460.43 crore from the primary markets, comprising both a fresh issue and an offer for sale. Of this, Rs 400 crore was raised through a fresh issue of 1.69 crore equity shares, while Rs 60.44 crore went to existing shareholders offloading 0.26 crore shares.
The price band for the offer was fixed at Rs 237 per share. Retail investors could apply for a minimum of one lot, which consists of 63 shares, translating to an investment of Rs 14,175. For non-institutional investors, the small HNI (sNII) category required an application of 14 lots (882 shares) worth Rs 2,09,034, while the big HNI (bNII) category entailed 67 lots (4,221 shares) amounting to Rs 10,00,377.
GNG Electronics IPO: Key players of the issue
Motilal Oswal Investment Advisors was overseeing the GNG Electronics IPO as its book-running lead manager, handling the overall coordination and execution of the issue. The registrar’s responsibilities, which include processing applications and finalising the share allotment, were being managed by Bigshare Services.
GNG Electronics IPO: About the company
The company was founded in 2006. Running operations under the brand name “Electronics Bazaar,” the company is involved in refurbishing laptops, desktops, and other ICT (Information and Communication Technology) devices for both domestic and international markets. The company operates in India as well as in regions like the USA, Europe, Africa, and the UAE.
GNG Electronics IPO: Allotment and listing date
The share allotment for the GNG Electronics IPO was finalised on July 28. Following this, the company’s shares were listed on both the BSE and NSE on July 30.