GNG Electronics IPO subscribed 148 times; Indiqube offer gets over 12.4 times

Indiqube Spaces proposes to utilise the fresh capital of ₹462.6 crore towards funding capital expenditure for setting up new centres, ₹93 crore for repayment, and the remainder for general corporate purposes

The initial public offerings of GNG Electronics and Indiqube Spaces closed today on strong note especially the former generating a whopping subscription of nearly 148 times.

The GNG Electronics IPO came out with price band of ₹225-227 a share. The IPO comprised a fresh share sale of ₹400 crore and an offer-for-sale (OFS) of up to 25.50 lakh shares, worth ₹60.44 crore. The IPO received bids for nearly ₹50,000 crore against the IPO size of ₹460.44 crore

The IPO that opened on Wednesday saw a robust response from all category investors, with qualified institutional investors leading the bidding graph with 266.21 times followed by non-institutions 227.67 times. The quota reserved for retail investors was subscribed 46.84 times.

Proceeds from the fresh issue will be utilised for debt payment, funding working capital requirements, and for general corporate purposes.

As part of the IPO, the company had raised ₹138.13 crore from 14 anchor investors by allotting 58.28 lakh shares at ₹237 a share. Among them included Goldman Sachs, Mirae Asset MF, Motilal Oswal MF, Edelweiss MF, Buoyant Opportunities Strategy, and marquee investors like Ashish Kacholia’s Bengal Finance, Madhusudan Kela’s Founder Collective Fund and Mint Focused Growth Fund.

GNG Electronics is one of the leading refurbishers of laptops and desktops with significant presence across India, the US, Europe, Africa, and the UAE. The company operates under the brand “Electronics Bazaar,” with a presence across the full refurbishment value chain, from sourcing to refurbishment, sales, and after-sales services, as well as warranty provision

Meanwhile, the ₹700-crore IPO of the Bengaluru-based Indiqube Spaces was subscribed 12.41 times, as retail investors were the most aggressive. Their portion was subscribed 12.90 times.

While NIIs quota was subscribed 8.27 times, the window for QIB received bids for 14.352 times, while the employees’ portion was subscribed 6.83 times.

Indiqube IPO

Indiqube Spaces proposes to utilise the fresh capital of ₹462.6 crore towards funding capital expenditure for setting up new centres, ₹93 crore for repayment, and the remainder for general corporate purposes. Managed workplace solutions company, IndiQube Spaces Ltdimited, has raised over ₹314.32 crore from anchor investors.

The proceeds from this fresh issue of funds will be for funding capital expenditure towards establishment of new centres, repaying/pre-paying, in full or in part, certain borrowings availed by the company and general corporate purposes.

Published on July 25, 2025