GNG Electronics Files DRHP for Rs 825 Cr IPO With SEBI
GNG Electronics Limited, a non-governmental organization based in Mumbai, has taken a significant step towards going public by submitting its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The Initial Public Offering (IPO) will include an offer for sale (OFS) of up to 9,700,000 equity shares and a fresh issue of equity shares, aiming to raise around Rs 825 crores.
The IPO will feature up to 35,000 equity shares by Sharad Khandelwal, up to 35,000 equity shares by Vidhi Sharad Khandelwal, and up to 9,630,000 equity shares by Amiable Electronics Private Limited. The Book Running Lead Managers for the issue are JM Financial Limited, IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited.
The company plans to utilize the net proceeds from the IPO for various strategic purposes, including financing working capital needs and repaying outstanding debts incurred by the company and its significant subsidiary, Electronics Bazaar FZC.
GNG Electronics reported significant revenue growth from laptop sales in recent periods, with revenue coming from sources outside of India also showing substantial increases. The company, operating under the name “Electronics Bazaar,” is a prominent refurbisher of laptops and desktops in India and globally, with a strong presence in multiple countries.
As of September 30, 2024, GNG Electronics operates in 35 countries across five continents, supported by five renovation facilities spread across India, the United States, and the United Arab Emirates. The company’s equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Overall, GNG Electronics’ IPO filing represents a significant milestone for the company as it looks to expand its operations and capitalize on growth opportunities in the market.
