New Delhi, July 30 (H.S.): GNG Electronics, specializing in refurbishing laptops, desktops, and ICT devices, made a notable debut in the stock market today, pleasing its IPO investors. Shares were issued at ₹237 under the IPO and opened at ₹350 on BSE, a 49% premium, and ₹355 on NSE.

Following the initial surge, selling pressure caused shares to drop to ₹325.55, but buying activity pushed them up to ₹359.40. The closing price for the day was ₹333.39, reflecting an increase of ₹96.39, giving IPO investors a profit of 40.67% after the first day of trading.

The IPO raised ₹460.43 crore, with subscription open from July 23 to 25, achieving remarkable overall interest at 150.21 times, with Qualified Institutional Buyers (QIB) at 266.21 times and Non-Institutional Investors (NII) at 226.44 times. A total of ₹400 crore was raised through new shares, while 25.50 lakh shares were sold through an offer-for-sale. Proceeds will be allocated to debt repayment, working capital, and general corporate needs.

Financial prospects appear strong, with a reported net profit of ₹32.43 crore for FY 2022-23, projected to rise to ₹52.31 crore in FY 2023-24 and ₹69.03 crore in FY 2024-25, driven by a 46% CAGR in revenue, reaching ₹1,420.37 crore.

Hindusthan Samachar / Jun Sarkar