GNG Electronics, India's largest refurbisher of laptops and desktops, is poised to enter the primary markets with its initial public offering (IPO) on July 23, 2025. The IPO, closing on July 25, 2025, presents a fresh issue of equity shares worth ₹400 crore and an offer for sale (OFS) of 25.5 lakh shares by promoters. The company aims to raise ₹460.44 crore at the upper end of the price band, with its market value estimated at around ₹2,702 crore. The shares are expected to be listed on both the BSE and NSE on July 30, 2025, with allotments finalized on July 28, 2025.
GNG Electronics operates five state-of-the-art refurbishing facilities across India, the USA, and the UAE. These facilities support comprehensive repairs, including motherboard, LCD, and cosmetic refurbishment. The company is a certified refurbishment partner with top global brands like Lenovo and HP and is the largest authorized Microsoft refurbisher in India. GNG provides IT asset disposal (ITAD) and buyback solutions to leading OEMs and retail giants like Vijay Sales, HP India, and Lenovo India. As of March 31, 2025, GNG has a global sales presence in 38 countries and a distribution network with 4,154 touchpoints. Its procurement network includes 557 suppliers, including leading corporates, educational institutions, recyclers, and leasing companies.
The IPO reserves up to 50% of the shares for qualified institutional buyers (QIB), up to 15% for non-institutional investors (NII), and up to 35% for retail investors. The company plans to use the capital raised to reduce its debt by ₹320 crore, with the remaining funds for general corporate purposes, including expansion and operational improvements.
GNG Electronics manages the complete refurbishment lifecycle under the brand "Electronics Bazaar," including sourcing, refurbishment, sales, after-sales service, and warranty support. They specialize in ICT devices such as laptops, desktops, tablets, servers, premium smartphones, and accessories, often offering products at one-third of the cost of new devices. The company 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.
GNG Electronics' strengths include being India's largest refurbisher of laptops and desktops and among the largest ICT device refurbishers globally. The company has a robust global supply chain, an established sourcing base, and an experienced leadership team. A potential risk for GNG Electronics is its reliance on laptop sales, which accounted for a significant portion of its revenue in FY24 and FY25. A decline in demand for laptops could adversely affect its business. The company also faces risks related to fluctuations in the prices of components and materials.
GNG Electronics posted a 31.98% increase in its profit after tax (PAT) to ₹69.03 crore in FY25, compared to ₹52.3 crore a year back. Its revenue from operations stood at ₹1,411.1 crore in fiscal 2025, up 23.98% from ₹1,138.1 crore in FY24.
