GNG Electronics IPO: 'Electronics Bazaar' Parent Raises Rs 138 Crore From Anchor Investors
Domestic mutual funds mopped up nearly 40% of the anchor allocation.
GNG Electronics Ltd. raised Rs 138 crore from anchor investors on Tuesday ahead of its initial public offering. The company allotted 58.3 lakh shares at Rs 237 apiece to 14 anchor investors.
Domestic entities mopped up a large chunk of the anchor allocation, with Motilal Oswal, Mirae Asset, and Edelweiss mutual funds mopping up a nearly 40% cumulative portion.
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, Motilal Oswal Large Cap Fund, and Mirae Asset Small Cap Fund got the highest allocation of 16.44%.
Buoyant Opportunities Strategy-II, Bengal Finance and Investment Pvt. Ltd., Founders Collective Fund and Mint Focused Growth Fund PCC- CELL 1 got the second highest allotment of 6.52%.
Three domestic mutual funds have applied through four schemes. Motilal Oswal, Mirae Asset, and Edelweiss were the fund houses in this category, the company said in the exchange filing.
The Electronics Bazaar parent had filed its IPO papers with the Securities and Exchange Board of India to raise up to Rs 460 crore through an initial public offering. It will raise Rs 400 crore via a fresh issue of shares and will offer existing shares worth Rs 60 crore for sale, as per the red herring prospectus.
Proceeds from the fresh issue up to Rs 320 crore will be used to reduce debt, and the rest will be used to meet general corporate purposes.
About GNG Electronics
Mumbai-based GNG Electronics refurbishes laptops, desktops, and other ICT devices and has a significant presence across India, the US, Europe, Africa, and the UAE.
The company follows a repair-over-replacement approach, which provides cost advantages and helps achieve sustainability by reducing carbon footprint.
