GNG Electronics IPO Sees Massive Oversubscription
GNG Electronics' IPO concluded with a remarkable 146.90 times subscription, highlighting strong institutional interest. The Rs 460.43-crore offering saw substantial bids across investor categories, including QIBs and retail investors. The funds will be used for debt repayment and working capital. Major underwriters include Motilal Oswal and IIFL Capital.
- Country:
- India
GNG Electronics' initial public offering has concluded with a staggering 146.90 times subscription on its final day, showcasing robust participation from institutional investors. This significant oversubscription highlights the market's appetite for the company's shares.
According to NSE data, the Rs 460.43-crore IPO attracted bids for 2,08,43,32,446 shares against the 1,41,88,644 shares offered. The Qualified Institutional Buyers (QIBs) segment was notably oversubscribed, hitting 266.21 times, while non-institutional investors and retail individuals also showed high interest with 226.45 and 45.32 times subscriptions, respectively.
The funds raised through the public offering are aimed at debt repayment, fulfilling working capital requirements, and other corporate purposes. The offering includes a fresh issue of equity shares worth Rs 400 crore and a sale of shares by promoters amounting to Rs 60.43 crore at the top price band, placing the company's valuation above Rs 2,700 crore.
(With inputs from agencies.)
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