GNG Electronics Shares Soar on Stock Market Debut
GNG Electronics, operating under the 'Electronics Bazaar' brand, listed on NSE at Rs 355.00 and BSE at Rs 350.00, representing premiums of 49.79% and 47.68% respectively over the issue price of Rs 237.00. The Rs 460.43 crore IPO was oversubscribed 150.21 times, with QIBs subscribing 266.21 times. The company, operating in the refurbished ICT devices market across 38 countries, reported a revenue of Rs 1,420.00 crore (up 24% YoY) and net profit of Rs 69.00 crore (up 32% YoY).
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GNG Electronics, operating under the 'Electronics Bazaar' brand, made a stellar debut on the stock market, with shares listing at a significant premium over the issue price. The company's initial public offering (IPO) had garnered substantial investor interest across all categories.
Strong Market Debut
GNG Electronics shares opened at Rs 355.00 on the National Stock Exchange (NSE) and Rs 350.00 on the Bombay Stock Exchange (BSE), representing premiums of 49.79% and 47.68% respectively over the issue price of Rs 237.00. This robust listing reflects the strong demand for the company's shares during the IPO process.
IPO Details and Subscription Rates
The Rs 460.43 crore IPO of GNG Electronics witnessed overwhelming response from investors:
| Investor Category | Subscription Rate |
|---|---|
| Qualified Institutional Buyers (QIBs) | 266.21 times |
| Non-Institutional Investors | 226.44 times |
| Retail Investors | 47.36 times |
| Overall | 150.21 times |
The IPO comprised a fresh issue of Rs 400.00 crore and an offer for sale of Rs 60.44 crore.
Company Overview
GNG Electronics operates in the refurbished ICT (Information and Communications Technology) devices market. The company has established a vertically integrated model, with operations spanning 38 countries and over 4,000 touchpoints under its 'Electronics Bazaar' brand.
Financial Performance
GNG Electronics reported:
- Revenue: Rs 1,420.00 crore (up 24% year-over-year)
- Net Profit: Rs 69.00 crore (up 32% year-over-year)
The company's strong financial growth, coupled with its expanding presence in the refurbished electronics market, likely contributed to the high investor interest in its IPO and the subsequent strong market debut.
The successful listing of GNG Electronics highlights the growing investor appetite for companies in the technology and electronics sector, particularly those with innovative business models in the refurbishment and circular economy space.
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