Sebi Gives Green Signal To GNG Electronics To Raise Funds Through An IPO

The Securities and Exchange Board of India (Sebi) has given its approval to GNG Electronics and Glottis Ltd to raise funds through an initial public offering (IPO).

Glottis Ltd had submitted its draft papers to Sebi in February 2025, while GNG Electronics Ltd submitted its draft papers in December 2024 and subsequently refiled them in March 2025.

GNG Electronics IPO: Details

GNG Electronics is a company that refurbishes laptops as well as desktops in India. The company refurbishes ICT devices both in India and worldwide, boasting a substantial presence across India, the USA, Europe, Africa, and the UAE.

The offering consists of a new issuance of equity shares with a face value of Rs 2 per share, totalling up to Rs 450 crores, along with an offer for sale of up to 51,00,000 equity shares of the face value of Rs 2 each.

Up to 35,000 equity shares are being offered by Sharad Khandelwal for the offer for sale, along with 35,000 equity shares being offered by Vidhi Sharad Khandelwal, and up to 50,30,000 equity shares are being offered by Amiable Electronics Private Ltd.

The funds from the IPO will be used for several purposes, including the prepayment and/or repayment, either fully or partially, of certain outstanding borrowings obtained by the company and its subsidiary, Electronics Bazaar FZC, and for general corporate purposes.

Glottis IPO: Details

Glottis is a significant multi-modal logistics service provider with a specific emphasis on energy supply chain solutions.

This IPO for the Chennai-based firm includes a fresh issue of equity shares for Rs 160 crore, along with an offer for sale (OFS) of up to 1.45 crore equity shares from the promoters, as detailed in the draft red herring prospectus (DRHP).

The promoters of the OFS are Ramkumar Senthivel and Kuttappan Manikandan are planning to sell 72.5 lakh equity shares each.

Additionally, the funds generated from the fresh issue will be used to support capital expenditure for the purpose of acquiring commercial vehicles and containers, as well as general corporate purposes.

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