GNG Electronics initial public offering (IPO) was fully subscribed within an hour of opening for subscription on July 23, driven by strong interest from retail and non-institutional investors.
The Rs 460.43 crore GNG Electronics IPO was subscribed 8.99 times on the first day of share sale.
The offering saw robust demand from non-institutional investors, whose portion was subscribed 18.85 times, while the retail individual investors' segment received 8.89 times subscription. The portion reserved for qualified institutional buyers was subscribed 1.68 times.
Ahead of the issue opening, the company raised Rs 138 crore from anchor investors on Tuesday.
Laptops refurbisher GNG Electronics mobilises Rs 138.1 crore via anchor book ahead of IPO
GNG Electronics IPO GMP
According to platforms tracking grey market activity, shares of GNG Electronics are trading at a premium of Rs 105, indicating a listing gain of about 44.3 percent over the upper end of the price band.
The IPO opened for bidding on July 23 and will close on July 25. The price band for the issue is fixed at Rs 225 to Rs 237 per share. At the upper price band, the company's market capitalisation is estimated at over Rs 2,700 crore.
GNG Electronics is engaged in the refurbishment of laptops and desktops, with operations across India, the US, Europe, Africa, and the UAE.
Shares of GNG Electronics will be listed on both NSE and BSE on July 30, while the allotment is expected on July 28.
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