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![Tanmay_31_ Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1743981988850413568.png) Tanmay 🇮🇳 [@Tanmay_31_](/creator/twitter/Tanmay_31_) on x 44.3K followers
Created: 2025-07-23 18:01:11 UTC

GNG Electronics Limited (Electronics Bazaar) IPO

Final Verdict

Applying For Reasonable-Big Listing Gains And Long-term 

Highlights of the Issue :

Date : 23-25 July 
Price Band : 225-237 

Size : XXX Crore 
Fresh - XXX Crore 
OFS - XX Crore

M.cap : XXXXX Crore 

Objects Of The Issue :

▪︎ Repayment Of Debt - XXX Cr

▪︎ GCP - XX Cr 

Key Pointers :

▪︎ GNG Electronics is India's Largest Refurbisher of Laptops and Desktops and among the largest refurbishers of ICT Devices overall with a Global presence across India (24.5% Rev), Middle East (50.6% Rev), USA (17.9% Rev), Europe, Etc.

▪︎ GNG operates under the Brand Name, "Electronics Bazaar"; The Company has presence across the Value Chain i.e Sourcing, Refurbishment, Distribution, Sales, After-Sales, Warranty, Etc.

▪︎ The Company has comprehensive inhouse refurbishing capabilities from Screening and parts repair (L1, L2) to advanced motherboard repairs (L3), Laser keyboard reprinting, fabrication, cosmetic restoration, Etc.

▪︎ The Company also provides value added services like ITAD, E-Waste management services, Buybacks and Assured Buyback programmes for refurbished ICTs, Flexible Pay Options, Delivery services, Etc.

▪︎ GNG is India’s largest Microsoft Authorised Refurbisher and certified Refurbisher for Lenovo and HP and IT asset disposal partner for India’s 2nd largest software company

▪︎ The Company has X Refurbishment facilities (1 in India, X in Texas USA and X in Sharjah UAE)

▪︎ The Whole Sector is seeing strong Tailwinds driven by rising demand for affordable and sustainable computing solutions 

– The Global Refurbished PCs Market is expected to grow at 
XXXX% CAGR over CY24-29E 

– The Refurbished PC Market in India is expected to grow at XXXX% CAGR over FY25-30E

▪︎ The Organized Refurbished PC Market in India is expected to grow at XXXX% CAGR over FY25-30E

Source : Lattice Analysis

Financials and Projections

FY23
Revenue : XXXXX Crore
PAT : XXXX Crore

FY24
Revenue  : XXXXX Crore 
PAT : XXXX Crore 

FY25
Revenue : XXXXX Crore 
PAT : XX Crore 

FY26E
Revenue : XXXXX Crore
PAT : XXX Crore 

FY27E
Revenue : XXXXX Crore
PAT : XXX Crore

Valuing GNG Electronics at 25× FY27E PAT, Fair Price Comes At 405, Implying An Upside Of XX%

I Personally know that a 25x Multiple on FY27 PAT For a Refurbisher looks high but look at the industry growth; XX% Growth at Industry level for next X years and XX% growth for organized Refurbishment sector is insane 

The Market Leadership of GNG and its warranty component to a Refurbished ICT with assured Buyback programme is its Moat and leads to premium pricing over Peers leading to sustainable and strong margins

Overall A Unique company with market leadership in a very high growth segment coming at attractive valuations

The Anchor Book was very good given the size of the company 

Just A Personal View, Only For Educational Purposes

![](https://pbs.twimg.com/media/Gwj5UT-W0AAjxjj.jpg)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948080970261028937/c:line.svg)

**Related Topics**
[debt](/topic/debt)
[longterm](/topic/longterm)
[listing](/topic/listing)
[ipo](/topic/ipo)

[Post Link](https://x.com/Tanmay_31_/status/1948080970261028937)