GNG Electronics IPO Oversubscribed 8.99 Times

New Delhi, Jul 23 (PTI) The initial public offer of GNG Electronics Ltd, refurbisher of laptops and desktops, received 8.99 times subscription on the first day of share sale on Wednesday.

The company's initial share sale got bids for 12,75,24,978 shares against 1,41,88,644 shares on offer, as per NSE data.

Non Institutional Investors category received 18.85 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 8.89 times. Qualified Institutional Buyers (QIBs) part fetched 1.68 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 400 core 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 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.