GNG, Glottis, Amanta get Sebi nod for IPOs

New Delhi, Jun 24 (PTI) Electronics Bazaar parent company GNG Electronics, logistics service provider Glottis and pharma firm Amanta Healthcare have received Sebi's go-ahead to raise funds through initial public offerings (IPOs).

The three firms, which filed their preliminary IPO papers with Sebi during February-March, obtained their observation letters issued between June 16-20, according to an update with the regulator on Tuesday.

As for GNG Electronics, the proposed IPO will be a combination of fresh issuance of equity shares worth Rs 450 crore and an offer-for-sale (OFS) of up to 51 lakh shares by promoters.

The OFS comprises sale of 35,000 shares each by Sharad Khandelwal and Vidhi Sharad Khandelwal, and up to 50.30 lakh shares by Amiable Electronics. The company may also consider raising funds up to Rs 90 crore in a pre-IPO round.

If it successfully closes pre-IPO placement, the size of the fresh issue will be reduced.

In December 2024, it filed a draft red herring prospectus with Sebi for IPO, which consisted of a fresh issue of shares worth Rs 825 crore, and an OFS of 97 lakh shares by promoters.

GNG Electronics, operating under the brand 'Electronics Bazaar', is into refurbishing laptops and desktops, including the full refurbishment value chain from sourcing to refurbishment to sales, to after-sale services and providing warranty.

It has a significant presence across India, the US, Europe, Africa, and the UAE.

The company is India's largest Microsoft-authorised refurbisher, in terms of refurbishing capability, as of FY24.

Meanwhile, Chennai-based Glottis' IPO is a mix of a fresh issue of equity shares worth Rs 160 crore and an OFS of up to 1.45 crore shares by promoters.

Under the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan will offload 72.50 lakh equity shares each. Both hold a 49.49 per cent stake each in the company at present.

Proceeds from the fresh issue will be utilised to fund the capital expenditure requirements towards purchase of commercial vehicles and containers, and general corporate purposes.

Glottis is a multi-modal, integrated logistics service provider, with a specialised focus on energy supply chain solutions.

As per the draft papers, pharmaceutical company Amanta Healthcare is looking to mobilise funds through its initial share sale, entirely a fresh issuance of up to 1.25 crore equity shares.

The Ahmedabad-based company had initially filed its draft IPO papers in September last year but withdrew them in January without citing a reason.

Subsequently, it refiled the draft prospectus in February.

Amanta manufactures medical devices and sterile liquid products - parenteral products, which are used in cases where patients cannot intake drugs through the oral route or when the drugs are not suitable for oral intake.

Incorporated in 1994, Bhavesh Patel-promoted Amanta has 113 active product registrations with international authorities.

The shares of these three companies are proposed to be listed on the BSE and NSE.