GNG Electronics IPO GMP Gains Ahead Of Allotment Today: How To Check Status

The initial public offering (IPO) of GNG Electronics Ltd. saw strong investor interest on its final day of subscription on July 25. The mainboard IPO was overall subscribed 147.93 times on Friday, as per the NSE data.

The Rs 460.43-crore IPO received applications for more than 209.89 crore shares against nearly 1.42 crore shares available for bidding.

Non-Institutional Investors (NIIs) led the demand by subscribing their quota more than 227.67 times. The retail portion of the IPO was subscribed more than 46 times, while the Qualified Institutional Buyers (QIBs) booked their category 266.21 times.

GNG Electronics IPO share allotment status is scheduled to be finalised on Monday, July 28.

The public offer for refurbishing services from a provider of laptops, desktops, and ICT devices opened for bidding on July 23.

Motilal Oswal Investment Advisors Ltd. is the book-running lead manager for the GNG Electronics IPO. Bigshare Services Pvt. is the registrar for the IPO.

Investors who participated in the IPO can check their allotment status on the website of the issue registrar, Bigshare Services. The IPO allotment details can also be checked on the NSE and BSE websites.

·       Go to https://ipo.bigshareonline.com/ipo_status.html.

·       Choose “GNG Electronics Ltd” from the dropdown list.

·       Enter your PAN, Application Number, or DP/Client ID.

·       Click on ‘Search’ to see the allotment status.

·       Visit the IPO allotment page on NSE at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

·       Select ‘Equity & SME IPO bid details’

·       Choose 'GNG Electronics' from the issue symbol dropdown.

·       Enter your PAN and Application Number.

·       Click ‘Submit’ to view your allotment details.

·       Visit https://www.bseindia.com/investors/appli_check.aspx.

·       Select Issue Type as Equity.

·       Choose Issue Name as 'GNG Electronics Ltd.'

·       Enter your PAN, Application Number, or DP/Client ID.

·       Click Submit to view your allotment status

After the finalisation of share allotment status, the company will initiate refunds and transfer of shares to the Demat accounts on July 29.

Shares of GNG Electronics Ltd. are scheduled to be listed on the NSE and BSE on Wednesday, July 30.

Also Read: Dividends, Stock Split, Bonus Issues This Week - All You Need To Know

According to Investorgain, the grey market premium (GMP) for GNG Electronics Ltd. stood at Rs 94 as of 5:00 p.m. on July 25. Considering the upper end of the IPO’s price band of Rs 237 per share, the estimated listing price would be Rs 331 (Rs 237 + Rs 94). This suggests a potential listing gain of 39.66% per share over the issue price.

Note: GMP is not an official source of data and is based on speculation.

GNG Electronics aims to raise up to Rs 460.43 crore through the IPO. The company, which operates under the brand name Electronics Bazaar, has offered shares in the price band of Rs 225 to Rs 237 per share.

The IPO comprises a fresh issue of 1.69 crore shares, worth Rs 400 crore, and an offer-for-sale (OFS) of around 26 lakh shares, aggregating to Rs 60.44 crore.

GNG Electronics plans to use the proceeds from its IPO to repay certain borrowings taken by the company and its material subsidiary, Electronics Bazaar FZC. A portion of the funds will also be used for general corporate purposes.

GNG Electronics Ltd. was incorporated in 2006. The company provides refurbishing services for laptops, desktops and ICT devices. It operates in both Indian and global markets, with a presence in the USA, Europe, Africa and the UAE.

The company also provides several value-added services. These include IT asset disposal (ITAD), e-waste management, doorstep service, on-site installation, warranties, flexible payment options, easy upgrades and assured buyback for refurbished devices.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.