The IPO action is gaining pace, and July 23 is bringing forth not one but two mainboard public issues – Indiqube Spaces and GNG Electronics. Both companies are coming up with sizable offerings. As both the issues are opening on the same day, so many might be wondering which one presents a more compelling case? While both bring very different businesses to the table, let’s break down their key details, GMP trends, business models, and issue structures to help you weigh your options better.
Indiqube Spaces IPO Vs GNG Electronics IPO: Grey Market Premium (GMP) check
In the unlisted grey market, both IPOs are attracting investor attention ahead of their official opening. Shares of Indiqube Spaces are reportedly trading at a premium of Rs 40, suggesting a potential listing around Rs 277, which is approximately 17% higher than its upper band price of Rs 237.
Meanwhile, GNG Electronics is creating even more buzz. Its shares in the grey market are commanding a premium of around Rs 75, pointing toward an estimated listing price of Rs 312, a 32% jump over its Rs 237 issue cap.
Though GMP is not an official metric and is known to fluctuate with market mood, it does offer a sneak peek into investor sentiment before listing.
Indiqube Spaces IPO Vs GNG Electronics IPO: Issue size and structure
The Indiqube Spaces IPO is a Rs 700 crore issue, including a fresh issue worth Rs 650 crore and an OFS (offer for sale) of 21,09,704 shares. The funds raised are intended for expansion, repayment of debts, and other corporate needs.
On the other hand, GNG Electronics is floating a Rs 460 crore IPO, with Rs 400 crore as fresh issue and an OFS of 25,50,000 shares. The proceeds will be used for debt repayment of the company and its UAE-based subsidiary, Electronics Bazaar FZC, along with general corporate purposes.
Indiqube Spaces IPO Vs GNG Electronics IPO: Business overview
Indiqube Spaces offers plug-and-play. It is a tech-enabled office spaces functioning for modern enterprises. With 115 centers across 15 cities, the company manages 8.4 million sq. ft. of super built-up area. Its client-centric workspace model spans from startups to large corporates.
GNG Electronics, meanwhile, works in the refurbished ICT (Information and Communication Technology) space. The company operates under the brand “Electronics Bazaar” and focuses on a repair-over-replace model. The main aim of this is to reduce e-waste. The global operations of the company apart from India spans to US, Europe, Africa, and the UAE.
Indiqube Spaces IPO Vs GNG Electronics IPO: IPO structure and investor categories
Both IPOs share the same price band of Rs 225 to Rs 237 per share and have a lot size of 63 shares. However, the allocation for different investor categories varies.
Indiqube Spaces has reserved 75% of its issue for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and just 10% for Retail Investors.
GNG Electronics, in contrast, has allocated a larger 35% for Retail Investors, 15% for NIIs, and 50% for QIBs.
Indiqube Spaces IPO Vs GNG Electronics IPO: Listing timeline
Both IPOs follow a similar timeline. This include –
- Subscription opens on July 23 and closes on July 25.
- Basis of allotment is expected on July 28, with refunds and share credits on July 29.
- Both stocks are likely to be listed on July 30 on the NSE and BSE.