GNG Electronics Ltd. on Tuesday filed preliminary papers with market regulator SEBI for an initial public offering, to raise up to Rs 450 crore. The IPO will comprise of a fresh issue and an offer-for-sale component of up to 51 lakh shares.
Promoters Sharad Khandelwal and Vidhi Sharad Khandelwal will offload 35,000 shares via the OFS route. They each own 18.5% equity.
Amiable Electronics Pvt., which owns 57.29% stake, will sell the rest 50.03 lakh shares.
Proceeds from the fresh issue up to Rs 320 crore will be used to reduce debt, and the rest to meet general corporate purposes.
The company has tapped Motilal Oswal Investment Advisors Ltd., IIFL Capital Services Ltd. and JM Financial Ltd. as book running lead managers.
About GNG Electronics
Mumbai-based GNG Electronics refurbishes laptops, desktops and other ICT devices with significant presence across India, the US, Europe, Africa and the UAE. It operates under the brand 'Electronics Bazaar'.
The company follows a repair-over-replacement approach, which provides cost advantages and helps achieve sustainability by reducing carbon footprint.
The company generated revenue from operations of Rs 1,138 crore and net profit of Rs 52.3 crore in fiscal 2024. Nearly 68% of its topline is derived from sale of laptops. India contributed to Rs 467 crore in sales compared to Rs 660 crore from abroad.
As of September 2024, the total borrowings stood at nearly Rs 500 crore.
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