GNG Electronics, a company refurbishing laptops and desktops, has received excellent support on the very first day. Launched by the company on July 23, this IPO was booked 78% in just 45 minutes on the first day. GNG Electronics has fixed the price band ₹ 225 to ₹ 237 per share for this IPO. At the upper end of this range, the company’s market capitalization has been estimated to be more than ₹ 2,700 crore. Let me tell you, this IPO is divided into two parts.
The total issue size is Rs 460.43 crore
According to the news, 25.5 lakh shares will be sold by the promoters, the value of which is around ₹ 60.43 crore. The total issue size under this IPO is Rs 460.43 crore. Under this fresh issue, new equity shares of ₹ 400 crore will be issued. The company said that the amount raised from the IPO will be used for repayment of debt, working capital needs, and general corporate purposes.
How much GMP running
This IPO is getting great support from investors. The special thing is that its GMP (Gray Market Premium) is ₹ 105 today. If the listing is on ₹ 237 (upper band), the estimated listing price can be ₹ 342, ie a premium of 44.30%. GNG Electronics is a leading company in laptops and desktop refurbishing sectors in markets like America, Europe, Africa and UAE outside India. Motilal Oswal is working as a book running lead managers for Investment Advisors, IIFL Capital Services, JM Financial Issue.
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