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GNG Electronics IPO
GNG Electronics Ltd
₹14,175 /63 sharesMinimum Investment
GNG Electronics IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹237.00 | ₹355.00 | ₹118.00 (49.79%) |
GNG Electronics IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 23 Jul ‘25 - 25 Jul ‘25 | ₹14,175 | 63 | ₹225 - ₹237 |
| Issue Size | IPO Doc |
|---|---|
| 460.44Cr | RHP PDF |
Subscription rate
As of 25 Jul'25, 04:00 PM
| Qualified Institutional Buyers | 262.02x |
| Non-Institutional Investor | 223.04x |
| Retail Individual Investor | 43.15x |
| Total | 143.89x |
About GNG Electronics
Founded in
2006
Managing director
Mr Sharad Khandelwal
Parent organisation
GNG Electronics Ltd
GNG Electronics Ltd IPO
https://www.youtube.com/watch?v=4ofRlsefcJs
Strengths & Financials of GNG Electronics
Strengths
Risks
GNG Electronics claims to be India’s largest refurbisher of laptops and desktops, and among the largest globally in the ICT device refurbishment industry.
The company claims to have a diverse refurbishment capability, covering laptops, desktops, tablets, servers, and mobile workstations. GNG Electronics further states that it has the ability to offer devices that are as good as new in terms of performance and aesthetics, providing customers with affordable solutions backed by warranties ranging from one to three years.
The company claims to have received ‘Extended Producer Responsibility’ certification from the Central Pollution Control Board and ‘Responsible Recycling Version 3’ certification from Sustainable Electronics Recycling International (SERI).
GNG Electronics claims to have established long-standing relationships with top brands, including HP, Lenovo, and Microsoft.
The company claims to have a broad service and sales network, with 4,154 touchpoints in India and globally. This network includes value-added resellers, system integrators, and e-tailers.
GNG Electronics claims to have five strategically located refurbishing facilities across India, the UAE, and the USA, totalling 58,127.82 sq. ft. These facilities are equipped with advanced technology and skilled manpower, enabling efficient handling of high volumes while ensuring quality control.
The company is ISO 9001:2015 certified for its quality management systems, ISO 27001:2013 certified for its information security systems, ISO 14001:2015 certified for its environmental management systems, and ISO 45001:2018 certified for occupational health and safety.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 659.54 crore in FY23 to Rs 1,138.14 crore in FY24 and Rs 1,411.11 crore in FY25. PAT increased from Rs 32.43 crore in FY23 to Rs 52.30 crore in FY24 and Rs 69.30 crore in FY25.
The company derives a significant portion of its revenue from the sale of laptops. It accounted for Rs 1,066.71 crore (75.59 percent) of the company’s revenue in FY25, Rs 772.42 crore (67.87 percent) in FY24, and Rs 527.46 crore (79.97 percent) in FY23. Any decline in the demand for this product could hurt the company’s business, revenue and profitability.
The cost of materials consumed accounted for Rs 1,158.64 crore (86.34 percent) of the company’s total expenses in FY25, Rs 997.99 crore (91.86 percent) in FY24, and Rs 558.40 crore (89.01 percent) in FY23. Any adverse fluctuations in material prices could significantly impact the company’s business and financial performance.
A significant portion of the company’s parts and materials are sourced from outside India. They accounted for Rs 632.95 crore (47.56 percent) of the company’s total purchases in FY25, Rs 577.87 crore (49.09 percent) in FY24, and Rs 152.58 crore (26.28 percent) in FY23. Any disruptions could result in increased material costs, delays in procurement, and potential disruptions to the company’s production timelines, which may hit its financial performance.
A significant portion of the company’s revenue is derived from the Middle East. It accounted for Rs 714.35 crore (50.62 percent) of the company’s revenue in FY25, Rs 539.32 crore (47.39 percent) in FY24, and Rs 233.58 crore (35.42 percent) in FY23. Any geopolitical tensions, regulatory changes, or adverse developments in this region could negatively impact the company’s operations and financial condition.
The top 10 customers accounted for Rs 657.47 crore (46.59 percent) of the company’s revenue in FY25, Rs 634.69 crore (55.77 percent) in FY24, and Rs 291.12 crore (44.14 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients could hit the company’s business and financial standing.
The top 10 suppliers accounted for Rs 749.53 crore (57.04 percent) of the company’s cost of total inventory in FY25, Rs 819.32 crore (69.60 percent) in FY24, and Rs 365.39 crore (62.93 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company derives a significant portion of its revenue from its material subsidiary, Electronics Bazaar FZC (EB FZC). It accounted for Rs 940.71 crore (66.66 percent) of the company’s revenue in FY25, Rs 564.46 crore (49.59 percent) in FY24, and Rs 331.59 crore (50.28 percent) in FY23. Any loss or reduction in the business attributable to EB FZC, or a change in the company’s shareholding in EB FZC, could have a material adverse effect on its business, prospects, results of operations, cash flows and financial condition.
The company recorded negative cash flow from operating activities amounting to Rs 79.18 crore in FY25, Rs 109.61 crore in FY24, and Rs 19.35 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The company’s distribution network is vital to its operations, with 4,154 touchpoints in India and globally as of FY25. These touchpoints include partnerships with information technology (IT) solutions providers, value-added resellers, system integrators, e-tailers, rental companies, and distributors. A disruption in this multi-channel network could negatively impact the company’s ability to meet demand and maintain sales volumes.
The company, its promoters, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company had outstanding dues amounting to Rs 26.72 crore to certain micro, small, and medium enterprises (MSMEs), material creditors, and other creditors. Delays or defaults in settling these dues could lead to legal claims, penalties, or the termination of business relationships, all of which could disrupt operations, hurting the company’s financial condition.
As of FY25, the company had contingent liabilities amounting to Rs 9.23 crore. If any of these liabilities materialise, it could adversely affect the company’s results of operations, cash flows and financial condition.
As of FY25, the company had trade receivables amounting to Rs 67.62 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of FY25, the company had outstanding financial indebtedness of Rs 446.92 crore. Any failure to service or repay these loans could harm the company’s operations and financial position.
GNG Electronics Financials
*All values are in Rs. Cr
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Application Details of GNG Electronics IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹225 - 237 | ₹2 Lakh |
| High Networth Individual | ₹225 - 237 | ₹2 - 5 Lakh |
For GNG Electronics IPO, eligible investors can apply as Regular.