Upcoming IPO: GNG Electronics, Glottis gets SEBI nod to raise funds via IPO

Upcoming IPO: GNG Electronics Limited, and Glottis Limited has been issued final observation by the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

Glottis Ltd 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 the biggest refurbisher of laptops and desktops in India and stands out as one of the largest refurbishers of ICT devices both in India and worldwide, boasting a substantial presence across India, the USA, Europe, Africa, and the UAE in terms of value, as reported by 1Lattice as of March 31, 2024.

The IPO consists of a new issuance of equity shares with a face value of ₹2 each, totaling up to ₹450 crores, along with an offer for sale of up to 51,00,000 equity shares of face value ₹2 each.

In the offer for sale, there are up to 35,000 equity shares being offered by Sharad Khandelwal, up to 35,000 equity shares by Vidhi Sharad Khandelwal, and up to 50,30,000 equity shares by Amiable Electronics Private Limited. The net proceeds are intended to be used for several purposes, including the prepayment and/or repayment, either fully or partially, of certain outstanding borrowings obtained by our Company and our significant subsidiary, Electronics Bazaar FZC, as well as for general corporate purposes.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited (previously known as IIFL Securities Limited), and JM Financial Limited are the Book Running Lead Managers for this issue.

Glottis IPO details

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

The upcoming IPO for the Chennai-based firm includes a fresh issue of equity shares worth up to ₹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).

In the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan plan to sell 72.5 lakh equity shares each.

The funds generated from the Fresh Issue will be used to support capital expenditure for acquiring commercial vehicles and containers, as well as for General Corporate Purposes.

Pantomath Capital Advisors Private Limited serves as the sole book-running lead manager.

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