GNG Electronics Lists at ₹355 with 49.8% Gain: Here’s What You Should Know

On July 30, 2025, GNG Electronics made its entry into the public market with its share listing at ₹355 with 49.8% listing gains against the IPO price of ₹237. This was evident from the huge demand among investors as its subscription numbers had exploded over 150 times and the GMP of nearly ₹100 per share. The market has spoken, and the verdict is clear: investor appetite is turbocharged, even as the grey market premium simmers slightly from its earlier peak. In this blog, we have broken down everything you need to know: what GNG does, its strengths, and the risks involved.

IPO Overview

• IPO Date: July 23 to July 25, 2025
• Total Issue Size: ₹460.43 crore
• Price Band: ₹225 – ₹237 per share
• Lot Size: 63 shares per lot
• Tentative Allotment Date: July 28, 2025. Check allotment status here.
• Listing Date: July 30, 2025 (Tentative). Check the current GNG Electronics' share price here.
• Subscription Status: Closed at 150.21 times.
• GMP: The GMP for GNG Electronics IPO is ₹94, according to Chittorgarh.com (as of July 28, 12 PM). Based on this, the expected listing price could be around ₹331, which means a premium of 39.66% over the issue price.
  Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

Note: This blog is regularly updated with the latest subscription and GMP data to help you make timely, informed decisions.

What Does GNG Electronics Do?

GNG Electronics, which started on October 19, 2006, operating under the "Electronics Bazaar" brand, is India’s largest refurbisher of used electronics. The company specializes in making old devices like laptops, desktop computers, tablets, servers, and smartphones look and work like new. The company handles everything, from finding these devices to fixing them and selling them with a warranty. Laptops contribute 75.59% of its revenue as of FY25. Amiable Electronics Private Limited is its main holding company of GNG.

GNG Electronics helps all sorts of customers, from everyday people to large businesses and schools. It is a global business, sending its products to 38 countries across North America, South America, Asia, Europe, Africa, and the Middle East. To do all this work, the company uses five special places where they fix devices in India, the USA, and the UAE. They have a big sales network with 4,154 customer locations and work with 557 partners who help them get old devices. In FY25, it refurbished 590,787 devices and earned ₹1,411.11 crore in revenue.

According to 1Lattice, GNG Electronics is the largest company in India for fixing laptops and desktops. It is also considered among the largest companies globally for refurbishing all types of ICT Devices. Plus, it is India's largest Microsoft authorized refurbisher.

GNG Electronics IPO Objectives

GNG Electronics is raising ₹460.43 crore via the IPO, which includes a fresh issue of ₹400 crore and an offer for sale by promoters worth ₹60.44 crore.

Here’s where the company plans to use this money:

Paying Back Loans: A big part of the money, ₹320 crore, will be used to pay back some of the loans that GNG Electronics and its subsidiary, Electronics Bazaar FZC, have.

For General Business Needs: The rest of the money, which won't be more than 25% of the total funds from the Fresh Issue, will be used for general purposes to help the company run and grow. This might include trying new business ideas, making their marketing stronger, or just handling everyday costs as needed.

By doing this IPO, GNG Electronics also aims to make its brand more well-known and create a public place for its shares to be traded in India.

What are its Strengths?

Market Leader in India: GNG Electronics Limited is India’s largest refurbisher of laptops and desktops, and also ranks among the top globally for ICT devices by value, as per the 1Lattice Report.

Affordable with Warranty: GNG sells refurbished laptops at one-third the price of new ones and other devices at 35–50% less, with quality comparable to new, both in looks and performance. A 1 to 3-year warranty further boosts buyer confidence.

Global Reach: With refurbishing plants in India, the USA, and UAE, and sales in 38 countries, GNG has a well diversified international presence. In FY25, India contributed 24.47% of total sales, Middle East 50.62%, USA 17.89%, and Asia, Asia-Pacific and Europe collectives contributed the remaining of the sales during the year.

Wide Partner Network: In FY25, GNG worked with 557 procurement partners and served over 4,154 customers, which have grown 45% and 51% annually between FY23 to FY25, showcasing strong B2B linkages.

Improving Profitability: In FY25, it posted ₹1,411 crore revenue and ₹69 crore profit. It also improved its EBITDA margin from 4.60% in FY24 to 4.89% in FY25.

Using IPO to Cut Debt: Out of ₹434 crore total debt, GNG is repaying a large portion using IPO funds, which will reduce interest cost and improve margins.

What are its Risks?

Too Dependent on Laptops: 76% of revenue comes from laptops. If demand drops, overall business takes a hit.

Debt Burden is High: Even after repayment, a significant chunk of ₹434 crore debt remains. Servicing it is a challenge unless earnings grow faster.

Customer Concentration Risk: Top 10 clients contribute 47% of revenue. Losing even one major client can hurt profits.

Inventory is Slowing: Inventory turnover worsened from 82 days to 126 days in FY25. This means products are staying unsold longer, impacting cash flow.

Competitive Market: 87% of the Indian refurbished market is unorganized. Competing on price and trust against low-cost sellers is a big challenge.

For a more detailed data breakdown, you can always visit our GNG Electronics IPO Page.

Peer Comparison

When compared to its only listed peer, Newjaisa, GNG Electronics is in a different league altogether.

Profitability Metrics: In FY25, GNG Electronics delivered a strong Return on Equity (RoE) of 30.40%, meaning it earned ₹30.40 in profit for every ₹100 invested by its shareholders. In comparison, Newjaisa's RoE was just 1.45%. On Return on Capital Employed (ROCE), GNG also led with 17.31% in FY25, while Newjaisa posted –0.36%, indicating a small loss on the capital it used. Even in FY24, GNG made ₹16.72 for every ₹100 of capital (equity and debt) invested in the business, compared to Newjaisa’s ₹13.26.

EBITDA and PAT Margins: GNG had an EBITDA margin of 8.94%, meaning it earned ₹8.94 before interest, taxes, and depreciation on every ₹100 of revenue. Newjaisa, in comparison, made just ₹2.25. But in earlier years, Newjaisa did better. Looking at profit after tax (PAT), GNG had a margin of 4.89% in FY25, so it kept ₹4.89 in net profit for every ₹100 in revenue. Newjaisa reported a loss of ₹1.72, meaning it lost money that year. In FY24 and FY23, however, Newjaisa’s PAT margins were higher than GNG’s.

Revenue and Scale: GNG generated ₹1,411 crore in operational revenue, while Newjaisa made just ₹65.65 crore. That means GNG earned over 21 times more. This massive gap clearly shows that GNG operates on a much larger scale and has a stronger presence in the refurbished electronics market.

Operational Capacity: GNG refurbished 5.9 lakh devices, while Newjaisa managed just around 54,000 in FY24 and 42,000 in FY23 (data for FY25 isn’t available in the RHP).

GNG Electronics IPO Valuation

GNG Electronics’ P/E ratio of 33 might seem a bit expensive at first glance, but it shows that investors trust its fast growth and strong market position. Compared to its peer Newjaisa, which made losses in FY25, GNG posted profits, clocked much higher sales, and served more customers. However, it also carries a large debt burden. So while there’s strong growth potential, investors need to stay alert to these risks.

Industry Outlook

India’s refurbished electronics market is set to grow fast. It is expected to more than double from $19.8 billion (around ₹1.68 lakh crore) in FY25 to $40.7 billion (around ₹3.46 lakh crore) by FY30. That’s a steady growth rate of 15.6% each year. As more people and businesses want affordable tech, and the government cracks down on e-waste, the demand for refurbished gadgets is rising. Most importantly, buyers are now shifting from local sellers to trusted, organized brands. These big players could grow their market share from 13% to 40% by FY30, giving companies like GNG a strong runway for expansion.

Top 3 Growth Drivers:

Government Push on E-Waste: New rules now ask brands to collect and reuse old devices. This makes it easier for companies to source and refurbish gadgets.

Demand for Budget-Friendly Tech: Many people now prefer buying a good refurbished laptop at ₹25,000 instead of spending ₹60,000 on a new one; the amounts are just for example to show the potential discount.

Trust in Organized Brands: Customers now want warranties, after-sales service, and quality. This gives reliable companies like GNG a big edge over local shops.

Other Upcoming IPOs to Watch

Curious about what’s next in the IPO pipeline? Here are some much-awaited companies that could launch their IPOs soon.

Note: These companies are either in the DRHP stage or expected to file soon.

How to Apply for an IPO on INDmoney?

1. Download the INDmoney app and complete your KYC to open an account.
2. Go to the INDstocks section and tap on IPO, or search for ‘IPO’.
3. Select your preferred IPO from the list of live IPOs.
4. View key details like price band, lot size, and dates, then tap ‘Apply Now’.
5. Choose the number of lots and place your order via UPI. Your funds will be blocked until the share allotment is finalized.

For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: GNG Electronics' RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.