GNG Electronics Ltd.’s IPO Sees Strong Demand
GNG Electronics Ltd.’s initial public offering to raise up to Rs 460 crore has been oversubscribed, led by non-institutional investors, on its first day of bidding on Wednesday, July 23. The company, which operates under the brand ‘Electronics Bazaar’, has offered shares in the range of Rs 225-237 apiece.
Details of the IPO
The IPO consists of a fresh issue of shares worth Rs 400 crore and an offer for sale of up to 25.5 lakh shares amounting to Rs 60 crore. The market value of GNG Electronics at the upper end of the price band is Rs 2,702 crore.
Upcoming Debut
The IPO share allotment will be finalised by July 28. Shares of GNG Electronics will debut on the BSE and NSE on July 30.
Key Players
Motilal Oswal Investment Advisors Ltd., IIFL Capital Services Ltd. and JM Financial Ltd. are the book running lead managers for the IPO.
Anchor Investor Support
GNG Electronics raised Rs 138 crore from anchor investors on Tuesday ahead of its initial public offering. The investors include Motilal Oswal, Mirae Asset, Edelweiss, and Goldman Sachs.
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