Laptop and desktop The share of GNG Electronics Limited, which repaired and listed in the market on Wednesday with a gain of about 50 percent from Rs 237. The stock started at Rs 350 on BSE, showing a gain of 47.67 percent from the issue price. Later it rose 53.58 percent to Rs 364. The stock was listed at Rs 355 with a gain of 49.78 percent on NSE. The company’s market evaluation stood at Rs 3,750.41 crore.
IPO received 146 times subscription
The initial public issue (IPO) of GNG Electronics Limited received 146.90 times the subscription till the last day of the bid on last Friday. The company’s price scope of Rs 460.43 crore of the company was Rs 225-237 per share. The amount received from the new issue will be used for loan payment, funding of working capital requirements and general corporate works. GNG is one of the leading ‘Refurbis’ of Electronics laptops and desktops (new looks of old equipment). It has a good presence in India, America, Europe, Africa and the United Arab Emirates.
Anchor had raised 138 crore from investors
According to NSE data, the company received bids for 2,08,43,32,446 shares against the company’s Rs 460.43 crore IPO as against the offer of 1,41,88,644 shares. The portion of the eligible institutional buyers (QIB) received 266.21 times the subscription, while the category of non-institutional investors received 226.45 times. Retail individual investors (RIIs) received 45.32 times subscribers. GNG Electronics raised Rs 138 crore from anchor (big) investors.
Its value scope was fixed at Rs 225-237 per share. At the upper end of the price circle, the company’s market evaluation is more than Rs 2,700 crore. The IPO includes the issue of new equity shares worth Rs 400 crore and the sale of 25.5 lakh equity shares by promoters. The amount received from the sale of new shares will be used for debt payment, funding of working capital needs and general company functioning.
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