GNG Electronics IPO Oversubscribed 26.90 Times

New Delhi, Jul 24 (PTI) The initial public offer of GNG Electronics Ltd received 26.90 times subscription on the second day of share sale on Thursday.

The three-day IPO got bids for 38,16,47,826 shares against 1,41,88,644 shares on offer, according to data available with the NSE.

The non-institutional investors part fetched 68.57 times subscription, while the quota for retail individual investors (RIIs) garnered 23.01 times subscription. The portion for qualified institutional buyers (QIBs) received 2.21 times subscription.

GNG Electronics on Tuesday raised Rs 138 crore from anchor investors.

The Rs 460-crore initial public offering (IPO) will conclude on July 25. The price band has been fixed at Rs 225-237 per share.

At the upper end of the price band, the company's market valuation is over Rs 2,700 crore.

The IPO is a combination of a fresh issue of equity shares aggregating to Rs 400 crore and an offer for sale (OFS) of 25.5 lakh equity shares by promoters worth Rs 60.43 crore at the upper end of the price band. This takes the total issue size to Rs 460.43 crore.

Proceeds of the fresh issue will be utilised for the debt payment, funding working capital requirements and for general corporate purposes.

GNG Electronics is one of the leading refurbishers of laptops and desktops with a significant presence across India, the US, Europe, Africa, and the UAE.

The company operates under the brand 'Electronics Bazaar', with presence across the full refurbishment value chain from sourcing to refurbishment to sales, to after-sale services and providing warranty.

Motilal Oswal Investment Advisors, IIFL Capital Services and JM Financial are the book-running lead managers to the issue.