New Delhi:Shares of GNG Electronics Ltd listed with a premium of nearly 50 per cent against the issue price of Rs 237 on Wednesday.The stock started trading at Rs 350, a surge of 47.67 per cent from the issue price on the BSE. Later, it zoomed 53.58 per cent to Rs 364.At the NSE, the stock listed at Rs 355, a jump of 49.78 per cent.
The company's market valuation stood at Rs 3,750.41 crore.GNG Electronics' initial public offering received a whopping 146.90 times subscription on the closing day of share sale on Friday, mirroring a strong participation from institutional buyers.The Rs 460.43-crore IPO had a price band of Rs 225-237 per share.
The IPO was a combination of a fresh issue of equity shares aggregating to Rs 400 crore and an Offer For Sale (OFS) of 25.5 lakh equity shares by promoters worth Rs 60.43 crore at the upper end of the price band, taking the total issue size to Rs 460.43 crore.Proceeds of the fresh issue will be utilised for debt payment, funding working capital requirements and for general corporate purposes.
GNG Electronics is one of the leading refurbishers of laptops and desktops with a significant presence across India, the US, Europe, Africa, and the UAE.The company operates under the brand 'Electronics Bazaar', with presence across the full refurbishment value chain from sourcing to refurbishment to sales, after-sale services and providing warranty.
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