GNG Electronics IPO subscribed whopping 146.90 times on closing day

New Delhi: 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 fetched bids for 2,08,43,32,446 shares against 1,41,88,644 shares on offer, as per NSE data.

The Qualified Institutional Buyers (QIBs) category received a huge 266.21 times subscription while the quota for non-institutional investors attracted 226.45 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 45.32 times.

GNG Electronics on Tuesday raised Rs 138 crore from anchor investors.

The initial public offering (IPO) has a price band of Rs 225-237 per share.

At the upper end of the price band, the company's market valuation is over Rs 2,700 crore.

The IPO is 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. This takes 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.

Motilal Oswal Investment Advisors, IIFL Capital Services and JM Financial are the book-running lead managers to the issue.