Delhi, 30 July (H.S.): GNG Electronics makes a strong entry into the stock market, facing selling pressure after listing.

New Delhi, July 30 (H.S.): GNG Electronics, specializing in refurbishment services for laptops, desktops, and ICT devices, made an impressive stock market debut, but its IPO investors faced a slight setback due to immediate selling after listing. The IPO shares were priced at ₹237, opening at a 49% premium on the BSE at ₹350 and ₹355 on the NSE.

However, shortly after, shares fell to ₹328.77, reducing potential profits for IPO investors from 49% to 38.72%. The IPO, totaling ₹460.43 crore, was open for subscription from July 23 to 25 and garnered strong interest, achieving a total subscription of 150.21 times.

The Qualified Institutional Buyers (QIBs) segment was subscribed 266.21 times, Non-Institutional Investors (NIIs) at 226.44 times, and retail investors at 47.36 times. The IPO included new shares worth ₹400 crore and a sale of 2 lakh shares at face value through an offer-for-sale window.

Funds raised will be directed towards reducing old debts, fulfilling working capital requirements, and general corporate needs. Financial projections indicate a rise in net profit from ₹32.43 crore in FY 2022-23 to ₹52.31 crore in FY 2023-24 and ₹69.03 crore in FY 2024-25, with revenue growth over 46%.

Hindusthan Samachar / Jun Sarkar