GMP Reaches ₹92 Premium Even Before Opening, IPO Opens From 23rd July

IPO of GNG Electronics Limited is poised for investment among all the other IPO's. This issue of the company will open on 23 July. Investors will be able to invest in it till 25 July.

Company Price Band

Its price band has been fixed at Rs 237 per share. According to Investorgain.com, the company's shares are available in the grey market at a premium of ₹ 92. There can be a profit of up to 39% on the listing.

Company's Statement

A statement issued by the company said GNG Electronics Limited will open the offer in respect of its IPO of equity shares on Wednesday. The anchor investor offer is one working day before the opening date, which is July 22.

Equity Shares' Face Value

The last date for the offer is Friday. The total offer size comprises a fresh issue of equity shares with a face value of Rs 2 each, aggregating to Rs 400 crore and an offer for sale of 2,550,000 equity shares with a face value of Rs 2 each.

IPO Price Band

The price band of this IPO has been fixed at Rs 225 to Rs 237 per equity share. Bids can be made for a minimum of 63 equity shares and in multiples of 63 equity shares thereafter.

The Company proposes to use the net proceeds to prepay and/or repay, in full or in part, all or part of certain outstanding borrowings availed by the Company and its subsidiary, i.e. Electronics Bazaar FZC and for general corporate purposes.