GNG Electronics IPO fully booked within an hour of opening; IndiQube Spaces sees 0.5x subscription

GNG Electronics' initial public offering (IPO) was fully subscribed within the first hour of opening on Wednesday, buoyed by strong demand from non-institutional and retail investors. On the other hand, the public issue of IndiQube Spaces was booked 0.5 times by the time of reporting.

As of 1:30 PM, GNG Electronics IPO was subscribed 4.8 times, with the quota reserved for non institutional investors (NIIs) receiving 9.25 times bidding. The retail segment was booked 5.5 times, while portion set aside for qualified institutional buyers (QIBs) was subscribed 0.29 times, as per the exchange data.

On the other hand, IndiQube Spaces’ public issue was booked 0.54 times, while its retail portion was fully subscribed on the early hours of bidding. The retail category saw 21.8 times subscription, while NII and QIB segments received 0.41 times and 0.06 times bidding, data available on the BSE showed.

GNG Electronics, India’s largest laptop and desktop refurbisher, looks to raise ₹460.44 crore via IPO route at a price band of ₹225-₹237 per share. The IPO comprises a fresh issue of equity shares worth ₹400 crore and an offer for sale (OFS) of 25.5 lakh shares by promoters. It has already raised ₹138 crore from anchor investors.

The lot size for an application is 63 and in multiple of thereafter. The minimum amount for retail investor is ₹14,175 for one lot, or 63 shares, and maximum is ₹1,94,103 for 13 lots, or 819 shares.

GNG Electronics IPO has reserved up to 50% of the shares for qualified institutional buyers (QIB), up to 15% for non-institutional investors (NII), and up to 35% for retail investors.

The company plans to utilise the capital raised from issuance of fresh equities primarily to reduce its debt by ₹320 crore, with the remaining funds earmarked for general corporate purposes, including expansion and operational improvements.

Meanwhile, IndiQube Spaces Limited, a managed workplace solutions company, aims to raise ₹700 crore by public listing of its shares on the domestic bourses. The IPO, having a price band of ₹225-237 per share, comprises a fresh issue of ₹650 crore and an offer for sale (OFS) of ₹50 crore by the promoters, Rishi Das and Meghna Agarwal.

The IPO will close on July 25, while shares are expected to be listed on the BSE and NSE on July 30, 2025. Ahead of the IPO, IndiQube Spaces has raised over ₹314.32 crores from anchor investors at ₹237 per equity share.

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