GNG Electronics Announces Rs 460 Crore IPO with Price Band of Rs 225-237
By ScanX News Team
GNG Electronics Ltd. has announced its IPO with a price band of Rs 225-237 per share, aiming to raise Rs 460 crore. The IPO includes a fresh issue of Rs 400 crore and an offer-for-sale of up to 51 lakh shares. The company plans to use Rs 320 crore to reduce debt. The public bidding period is set for July 23-25, 2023, with listing expected on July 30 on both BSE and NSE.
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GNG Electronics Ltd., a prominent player in the electronics industry, has unveiled the details of its much-anticipated Initial Public Offering (IPO). The company has set the price band for its shares at Rs 225-237, aiming to raise Rs 460 crore through this public issue.
IPO Structure and Objectives
The IPO comprises two components:
- A fresh issue of shares worth Rs 400 crore
- An offer-for-sale (OFS) of up to 51 lakh shares by existing shareholders
One of the primary objectives of this IPO is to strengthen the company's financial position. GNG Electronics plans to utilize up to Rs 320 crore from the fresh issue proceeds to reduce its debt, which is expected to improve its financial health and provide more flexibility for future growth initiatives.
Key Dates for Investors
Investors interested in participating in GNG Electronics' IPO should mark their calendars:
- Anchor Book Opening: July 22, 2023
- Public Bidding Period: July 23-25, 2023
- Expected Listing Date: July 30, 2023
The shares are slated to make their debut on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), providing liquidity and trading options for investors.
IPO Details at a Glance
| Particulars | Details |
|---|---|
| Price Band | Rs 225-237 per share |
| IPO Size | Rs 460 crore |
| Fresh Issue | Rs 400 crore |
| Offer-for-Sale | Up to 51 lakh shares |
| Debt Reduction Allocation | Up to Rs 320 crore |
| Bidding Period | July 23-25, 2023 |
| Listing Exchanges | BSE and NSE |
This IPO marks a significant milestone for GNG Electronics as it transitions from a privately held company to a publicly traded entity. The successful completion of this offering could provide the company with the capital needed to fuel its growth strategies and strengthen its market position in the competitive electronics sector.
Investors and market analysts will be closely watching the subscription levels and the eventual listing performance of GNG Electronics, as it could provide insights into the current appetite for new offerings in the Indian stock market, particularly in the electronics and technology sectors.
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