GNG Electronics, the holding company of Electronics Bazaar, has received SEBI approval for an Initial Public Offering. The company, leading refurbisher of laptops and desktops in India, is looking to raise Rs 450 crore via fresh issue of equity shares.
As per the DRHP documents filed by the company, the fresh issue for sale shares has a face value of Rs 2. Additionally, the IPO also comprises 51,00,000 equity shares of face value of ₹2 each under offer for sale.
Who are the promoters of GNG Electronics?
According to the company statement, it is the largest refurbisher of laptops, desktops, and ICT devices in India. Besides India, the company has a good presence in the United States, Europe, and Africa.
As per the DRHP documents, Sharad Khandelwal, Vidhi Sharad Khandelwal, and Amiable Electronics Pvt Ltd are the promoters of GNG Electronics. In the proposed IPO, Amiable Electronics is selling the largest 5,030,000 Equity shares. Sharad Khandelwal and Vidhi Sharad Khandelwal are selling up to 35000 Equity shares each.
The company said that it plans to utilise the proceeds from the IPO for payment or repayment of the outstanding borrowing by the company or its subsidiary.
GNG Electronics’ financials
As per the DRHP documents, GNG Electronics posted a consolidated revenue from operations of Rs 1138.14 crore in the fiscal year 2023-24. In the previous fiscal year, the company posted a consolidated revenue of Rs 659.5 crore.
In FY24, GNG Electronics’ restated profit stood at Rs 52.3 crore and Rs 32.4 crore in the year before that. Furthermore, the company’s borrowings stood at Rs 322.3 crore in the fiscal year 2024.