GNG Electronics, touted as India’s largest refurbisher of laptops and desktops and a number one participant in refurbishing ICT (data and communication expertise) gadgets, is gearing as much as enter the first market with plans to boost ₹825 crore.
On December 14, the electronics agency filed its draft purple herring prospectus (DRHP) with the market regulator, the Securities and Trade Board of India (SEBI).
In response to the DRHP, the IPO includes a recent situation of fairness shares of face worth of ₹2 every aggregating as much as ₹825 crore and a proposal on the market of as much as 97 lakh shares of face worth of ₹2 every. The provide on the market includes as much as 35,000 fairness shares by Sharad Khandelwal, as much as 35,000 fairness shares by Vidhi Sharad Khandelwal and as much as 9,630,000 fairness shares by Amiable Electronics Non-public Restricted.
Motilal Oswal Funding Advisors Restricted, IIFL Capital Companies Restricted and JM Monetary are the book-running lead managers of the difficulty, whereas Bigshare Companies Non-public Restricted is the registrar to the difficulty.
The corporate intends to make use of the online proceeds from the difficulty to prepay or repay all or a portion of sure excellent borrowings availed by it and its materials subsidiary, Electronics Bazaar FZC. Moreover, some a part of the online proceeds might be used for funding the working capital necessities and for basic company functions.
About GNG Electronics
In response to the corporate’s DRHP, as of March 31, 2024, GNG Electronics is India’s largest refurbisher of laptops and desktops and among the many largest refurbishers of ICT gadgets general, each globally and in India, with important presence throughout India, USA, Europe, Africa and UAE, when it comes to worth.
“We’re India’s largest Microsoft authorised refurbisher, when it comes to refurbishing functionality, as of fiscal 2024 (Supply: 1Lattice Report). We’re additionally the IT asset disposal companion for India’s second-largest software program firm, when it comes to market capitalisation as of the calendar yr 2024, procuring their used IT property (Supply: 1Lattice Report),” mentioned the corporate.
The corporate operates beneath the model “Electronics Bazaar” and is current throughout the complete refurbishment worth chain, from sourcing to refurbishment to gross sales to after-sale providers and guarantee provision.
In response to the DRHP, the corporate’s consolidated web revenue for FY24 stood at ₹52.14 crore, in comparison with ₹32.33 crore in FY23 and ₹21.71 crore in FY22. Until September 30 this yr, the corporate’s revenue stood at ₹35.10 crore.
Income from operations for FY22 got here at ₹5,20.50 crore, which rose to ₹659.54 crore in FY23 and ₹1,138.14 crore in FY24. For the interval ended September 30 of the present monetary yr, the corporate earned a income of ₹607.96 crore.
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