GNG Electronics DRHP Analysis
Business Model:
GNG Electronics DRHP Analysis
Business Model:
GNG Electronics, operating primarily under the “Electronics Bazaar” brand, is India’s largest refurbisher of laptops and desktops, with a significant global presence (India, USA, UAE, Europe, Africa)
The company offers end-to-end solutions: sourcing, refurbishment, sales, and after-sales warranty for ICT devices. It boasts partnerships with major OEMs (Microsoft, HP, Lenovo) and serves large enterprise customers, including top Indian IT and global asset disposal firms
IPO Details
Issue Size: Up to ₹450 crore as a fresh issue, plus 51 lakh shares in an offer for sale
Price Band: ₹225–237 per share (as per recent pre-IPO documentation)
Post-IPO implied market cap: Approx. ₹2,700 crore at the upper price band
Objects: Primarily to repay/prepay debt (₹320 crore earmarked), and for general corporate purposes
Financial Performance (from DRHP & latest available data)
Metric
FY2023
FY2024
FY2025 (Annualized/Pre-Issue)
Revenue (₹ Cr)
662.79
1,143.80
1,420.37
EBITDA (₹ Cr)
50.04
84.90
126.14
PAT (₹ Cr)
32.43
52.31
69.03
EPS (₹)
3.34
5.39
7.11
PAT Margin (%)
4.91
4.60
4.86
ROE (%)
28.97
31.96
30.40
ROCE (%)
17.91
16.72
17.31
Debt/Equity
1.02
1.95
1.92