Trilegal Advised on Successful Listing of GNG Electronics IPO
The leading Indian law firm Trilegal advised on the successful listing of equity shares by GNG Electronics Limited (“GNG”), aggregating to INR 4,604.35 million through its initial public offering (“IPO”).
GNG operates under the brand “Electronics Bazaar” and is India’s largest refurbisher of laptops and desktops, and among the largest refurbishers of information and communication technology devices globally, with a significant presence across India, USA, Europe, Africa, and the UAE. It is one of the select companies operating under such a distinctive and differentiated business model.
The IPO received an overwhelming response, with the Qualified Institutional Buyers (QIB) portion oversubscribed by 266.21 times and the overall IPO subscribed by 147.93 times. The company made a strong debut on the bourses, listing at a 50% premium to the offer price. The IPO proceeds will be used for repayment of its and its subsidiary’s outstanding borrowings.
The syndicate of book running lead managers comprised Motilal Oswal Investment Advisors Limited, JM Financial Limited, and IIFL Capital Services Limited (formerly known as IIFL Securities Limited).
The Trilegal Capital Markets team advising on the matter was led by Richa Choudhary (Partner), with support from Avanti Kale (Counsel), Maitreya Rajurkar (Counsel), Aayush Khandelwal (Senior Associate), and Kartikeya Anshu, Shivam Punjani, and Samruddhi Varma (Associates).
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