GNG Electronics Limited IPO

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GNG Electronics Limited is India’s largest refurbisher of laptops and desktops and ranks among the top global refurbishers of Information and Communication Technology (ICT) devices. As of March 31, 2025, the company has a robust international footprint across India, USA, Europe, Africa, and the UAE. The company follows a repair-over-replacement approach to promote sustainability and cost efficiency.

Market Position and Industry Dynamics

GNG is recognized as India’s largest Microsoft Authorized Refurbisher by refurbishing capability. It also acts as the IT asset disposal (ITAD) partner for India’s second-largest software company. The refurbished PC market is growing rapidly worldwide and in India, and GNG is well-positioned to capture this growth with superior infrastructure and operations. The Indian refurbished PC market is expected to grow at a CAGR of 30% and reach USD 4 billion by FY30.

Brand and Services

Operating under the brand “Electronics Bazaar,” GNG manages the full refurbishment lifecycle – from sourcing and refurbishment to sales, after-sales service, and warranty support. The company specializes in ICT devices such as laptops, desktops, tablets, servers, premium smartphones, and accessories, often delivering products at one-third the cost of new devices.

Online and Offline Presence

GNG has a strong digital presence through its e-commerce platform (www.electronicsbazaar.com) in India and the USA and maintains visibility on online marketplaces and B2B platforms. The company also executes offline brand-building initiatives like event participation and corporate tie-ups.

Strategic Partnerships

GNG is a certified refurbishment partner with top global brands like Lenovo and HP, and is also the largest authorized Microsoft refurbisher in India. The company provides ITAD and buyback solutions to leading OEMs and retail giants like Vijay Sales, HP India, and Lenovo India.

Extensive Sales and Procurement Network

GNG has a global sales presence in 38 countries and a distribution network with 4,154 touchpoints as of March 31, 2025. It also maintains a procurement base of 557 suppliers, including leading corporates, educational institutions, recyclers, and leasing companies. Prominent global procurement partners include Iron Mountain (USA), Apto Solutions Inc (USA), and Renew IT Pty Ltd (Australia).

Refurbishing Infrastructure

The company operates five state-of-the-art refurbishing facilities across India, USA, and UAE, spanning 58,127.82 sq. ft. These facilities support L1 to L3 level repairs including motherboard, LCD, cosmetic refurbishment, laser keyboard reprinting, and advanced quality checks.

Objects of the GNG Electronics Limited IPO:

The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner: 1. Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company and Material Subsidiary namely, Electronics Bazaar FZC (₹320 cr) 2. General corporate purposes

GNG Electronics Limited IPO Details:

Open Date: Jul 23 2025
Close Date: Jul 25 2025
Total Shares: 1,94,27,637
Face Value: ₹ 2 Per Equity Share
Issue Type: Book Building
Issue Size: 460.43 Cr.
Lot Size: 63 Shares
Issue Price: ₹ 225-237 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Sharad Khandelwal (53) is the Managing Director of the Company. A commerce graduate from Jiwaji University and a Chartered Accountant (All India Rank 6, 1994), he has 29 years of experience in the information and communication technology (ICT) industry. He is the founding partner at KKOC since 1995 and is responsible for overall strategy, leadership, and execution across India and international markets. His expertise lies in scaling global operations and driving financial efficiency. 2. Amit Midha (54) is a Non-Executive Non-Independent Director of the Company. He holds an engineering degree from SGITS, Indore, and a master’s in industrial engineering from the University of Missouri, USA. Currently the CEO of Alat, a Saudi public investment fund entity, he has over 29 years of leadership experience, having held senior roles at Dell Technologies across the U.S. and APAC. He specializes in global expansion, digital innovation, and strategic partnerships. 3. Ajay Pancholi (53) is a Non-Executive Non-Independent Director. He holds a commerce degree from the University of Bombay and is a qualified Chartered Accountant and Company Secretary. With over 25 years of experience in investment banking, he has led transactions across equity, M&A, and debt capital markets. He is currently a partner at Aelius Ace Solutions LLP and has held key roles at ICICI Securities, DSP Merrill Lynch, GMR Infra, Edelweiss, and HDFC Bank.

Financials of GNG Electronics Limited IPO:

Particulars

FY 2024-25 FY 2023-24    FY 2022-23
Revenue from Operations 1,411.11 1,138.13

659.54

Revenue - With in India

345.32 478.39 326.29
Revenue - Export 1,065.78 659.74

333.25

Gross Margins

17.89% 12.31% 15.34%

EBITDA

126.14 84.90 50.04

EBITDA Margins

8.94% 7.46% 7.59%
PAT 69.03 52.30

32.42

PAT Margins

4.89% 4.60% 4.92%
ROCE 17.31% 16.72%

17.91%

Operating Cash Flows

24.52 97.45

24.95

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins D/E Ratio MCap (in cr) P/E
GNG ELECTRONICS LIMITED 1,411.10 8.94% 4.89% 1.92 2702.07 39.14
Newjaisa Technologies Limited 65.66 1.05% -1.72% 0.18 125 in loss

Registrar of GNG Electronics Limited IPO:

  1. Bigshare Services Private Limited

Discussion on GNG Electronics Limited IPO:

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