GNG Electronics IPO: Check IPO Date, Lot Size, Price & Details

Introductions

GNG Electronics is India’s largest refurbisher of laptops and desktops and ranks among the global leaders in ICT device refurbishment. The company serves a wide market across India, the USA, Europe, Africa, and the UAE, operating under the “Electronics Bazaar” brand. Its integrated business model spans the entire value chain—from sourcing, refurbishment, and sales, to after-sales service and comprehensive warranties.

Key Differentiators:

• Microsoft authorised refurbisher (India’s largest in terms of capability, FY25).
• Certified refurbishment partner for global leaders Lenovo (26% market share) and HP (22% market share, CY24).
• Specialises in affordable, high-quality ICT devices, with devices selling at a premium due to superior quality and robust warranties.
• Operates 5 refurbishing facilities: 1 in Navi Mumbai (India), 1 in Texas (USA), 3 in Sharjah (UAE), with a combined area of 58,127.82 sq. ft.
• Sells products in 38 countries; sales network includes 4,154 touchpoints as of March 31, 2025.
• Major IT asset disposition (ITAD) partner for leading IT and software companies.

Sustainability Focus:
Advocates a repair-over-replacement approach that extends device lifecycles and reduces electronic waste, supporting global ESG trends.

IPO Details

Objective of Issue

• Prepayment/Repayment of Borrowings: Funds will be used to prepay or repay, in full or part, certain outstanding borrowings of the company and its key subsidiary (Electronics Bazaar FZC).
• General Corporate Purposes: Supporting broader corporate objectives and growth requirements.

Key Strengths

• Comprehensive Refurbishment Value Chain Integration
  GNG Electronics executes a fully integrated refurbishment value chain under its “Electronics Bazaar” brand. The company manages the entire process from sourcing devices, conducting advanced refurbishment and quality testing, to sales, after-sales service, and warranty fulfilment. This integration ensures end-to-end control over product quality and operational efficiency, allowing the company to deliver ICT devices—such as laptops, desktops, tablets, servers, and premium smartphones—that are functionally and aesthetically similar to new, all at significantly reduced prices. This approach also facilitates the offering of tailor-made solutions and flexible programs to address diverse customer requirements.
• Advanced Technical Capabilities and Innovation
  The company’s refurbishing infrastructure is equipped to handle complex technological repairs and enhancements, setting it apart from most industry peers. With five facilities across India, the UAE, and the USA, GNG Electronics specialises not only in basic repairs (L1/L2), but also advanced operations like motherboard repairs (L3), laser keyboard reprinting, full cosmetic restoration, and specialised LCD repairs including repolarisation and light guide plate correction. These technical competencies are rare in the global refurbishment market and enable the company to support a diverse and evolving product mix.
• Global OEM Partnerships and Certifications
  GNG’s technical expertise is recognised through its certifications and partnerships with global industry leaders. The company is a certified refurbishment partner for both Lenovo and HP, which together hold nearly half of the global PC market share, as of CY 2024. Additionally, GNG is India’s largest Microsoft authorised refurbisher. Its facilities comply with internationally recognised standards, holding certifications such as ISO 9001:2015 for quality management, ISO 27001:2013 for information security, ISO 14001:2015 for environmental management, ISO 45001:2018 for occupational health and safety, and responsible recycling certifications. These associations and acknowledgements validate its technical rigor, compliance, and capability.
• Strong Multi-National Supply Chain and Customisation Capability
  With a global procurement network of 557 suppliers and sales in 38 countries, GNG Electronics demonstrates strong technical and logistical capabilities for large-scale sourcing, refurbishing, and distribution. The company operates over 5,840 unique SKUs and can customise buyback, refurbishment, and asset disposition programs for major client categories including corporates, leasing firms, banks, and large-scale retailers. Its in-house engineering team, field service network, and training for value-added resellers ensure robust after-sales service and customer support, contributing to its reputation for reliability and technological flexibility.

Key Risks

• High Revenue Concentration in Laptop Sales
  A significant majority of GNG Electronics’ operational revenue is derived from the sale of refurbished laptops, accounting for 75.59% in Fiscal 2025, 67.87% in Fiscal 2024, and 79.97% in Fiscal 2023. This heavy dependence means that any material reduction in demand for laptops, shifts in technology preferences, or longer product life cycles could disproportionately impact the company’s growth, revenue, and profitability. While broader diversification into other ICT devices is underway, the results of operations remain closely linked to the continued strong performance of the laptop segment.
• Exposure to Supply Chain Disruptions and Pricing Volatility
  The cost of materials and components represents a substantial portion of the company’s expenses (exceeding 85% of total expenses in recent years). GNG sources parts and finished goods through a combination of Indian and international suppliers—without fully secured, long-term agreements. This exposes the company to price fluctuations, currency volatility, global trade restrictions, and supply disruptions due to economic, political, or regulatory changes in supplier countries. Any inability to pass on increased costs to customers could negatively impact profit margins and operating performance.
• Revenue Concentration Among Top Customers
  A large share of revenue is concentrated among the top 10 customers, contributing 46.59% in Fiscal 2025, 55.77% in Fiscal 2024, and 44.14% in Fiscal 2023. Any loss of, or reduction in orders from, these key customers—due to changing relationships, financial difficulties, competitive shifts, or market downturns—could materially affect the company’s revenue, profitability, and cash flow. The company’s bargaining power in commercial negotiations may also be constrained due to this customer concentration.
• Significant Reliance on Overseas Markets and a Single Subsidiary
  A substantial portion of GNG’s total revenues comes from international markets, with 75.53% of revenue generated outside India in Fiscal 2025, further amplified by a heavy reliance on the UAE subsidiary, Electronics Bazaar FZC (contributing 66.66% of total revenue in FY25). This exposes GNG to heightened risks relating to forex volatility, geopolitical events, regulatory changes, and economic conditions in the Middle East and other international regions.

Financial Snapshots

KPI Comparison with Industry Peers

Conclusion

The Indian and global refurbished electronics sector is experiencing robust growth, fueled by rising consumer demand for affordable, high-quality devices, and greater focus on sustainability and e-waste reduction. GNG Electronics stands out as a key player in this fast-evolving segment, leveraging its fully integrated refurbishment value chain, advanced technical capabilities, and global presence to serve diverse markets. The company's ability to offer premium-quality products at substantial discounts, backed by industry-leading warranty programs and leading OEM certifications, positions it strongly among both institutional and retail customers.

Financially, GNG Electronics demonstrates significant scale and growth momentum, with revenue and profit increases that outpace many sector averages. However, several risks warrant careful consideration: the company’s revenues are heavily concentrated in the laptop segment and among a small group of key customers, it faces supply chain and international market complexities, and it maintains a relatively leveraged balance sheet. These factors introduce volatility and execution risks that may impact performance, particularly during periods of sectoral or macroeconomic disruption.