GNG Electronics Makes Stellar Debut At Nearly 50% Premium Listing Over IPO Price
The GNG Electronics shares started trading at Rs 355 on the NSE and Rs 350 on the BSE at 10:00 a.m. on Wednesday.
GNG Electronics Ltd. made a stellar debut on the stock market as shares listed at a premium of nearly 50% over the IPO price. The scrip started trading at Rs 355 on the NSE and Rs 350 on the BSE at 10:00 a.m. on Wednesday. The issue price was Rs 237.
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 offered. The aggregate bid amount was Rs 49,744 crore.
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.
The IPO comprised 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.
