GNG Electronics IPO: GMP Indicates 44% Premium As Issue Subscribed More Than 8x On Day 1
The mainboard IPO was booked over 2 times as of 11:30 am on Wednesday. Here's all you need to know about the grey market premium of GNG Electronics IPO.
The initial public offering (IPO) of GNG Electronics was fully subscribed on the first day of bidding. It was booked over 8.24 times as of 4:12 p.m. on July 23.
The Qualified Institutional Buyers (QIBs) booked their quota 1.54 times, while the Non-Institutional Investors (NIIs) subscribed their category more than 16 times. The retail portion was booked more than 8 times.
The grey market premium (GMP) for the issue indicated a gain of over 44% over the issue price for investors. Investors who wish to bid for shares in the IPO should verify the following details before investing.
GNG Electronics IPO GMP Today
According to InvestorGain, the GMP for the GNG Electronics IPO stood at Rs 105 as of 2:35 p.m. on July 23. The latest GMP indicates a listing price of Rs 342 apiece at a premium of 44.3% over the upper limit of the price band. It is the highest GMP issue has seen so far.
Note: GMP does not represent official data and is based on speculation.
GNG Electronics IPO: Key Details
The GNG Electronics IPO is a book-building issue worth Rs 460.43 crore. It comprises a fresh issue of 1.69 crore shares, amounting to Rs 400 crore and an offer-for-sale (OFS) portion of 26 lakh shares worth Rs 60.44 crore.
The price band for the IPO is set between Rs 225 and Rs 237 per share.
The subscription window for the IPO is open from July 23 to July 25. The allotment of shares is proposed to be finalised on July 28. The company will transfer shares to the Demat accounts of successful bidders on July 29 and refunds for non-allottees will also be processed on the same day.
Shares of GNG Electronics will be listed on the BSE and NSE on July 30.
Motilal Oswal Investment Advisors Ltd. is the book-running lead manager of the GNG Electronics IPO. Bigshare Services Pvt. is the registrar for the issue.
Use Of Proceeds
The company will use proceeds from the IPO to clear debt and for general corporate purposes.
About GNG Electronics
GNG Electronics provides refurbished laptops and desktops to individuals, businesses and organisations. It is the parent company of Electronics Bazaar.
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.
