IPO GMPs: GNG Electronics IPO and Indiqube Spaces IPO have opened for subscription today (Wednesday, July 23). This week is bustling with IPO activity, as Brigade Hotel Ventures IPO and Shanti Gold International IPO also enter the primary market.
On the first day of bidding, GNG Electronics IPO has been completely subscribed, while the retail segment of Indiqube Spaces IPO has also been fully taken up, indicating that the issue will likely be successfully completed within a day or two. As investors contemplate which IPOs to select, expert Harshal Dasani, Business Head at INVasset PMS, believes both IndiQube and GNG Electronics offer attractive yet distinctly different options in the IPO market.
According to Harshal Dasani, IndiQube is a scale-driven workspace platform with 8.4 million sq. ft. under management across 115 centers in 15 cities. Its FY25 EBITDA margin of 60% is among the highest in the segment, even ahead of listed peers like Awfis and Smartworks. However, it remains loss-making at the PAT level with a ₹14 crore net loss projected for FY25.
At a post-issue valuation of around ₹5,000 crore, IndiQube is priced at ~4x EV/Sales—rich, especially in the context of its unproven path to profitability and rising capex commitments.
Talking about GNG Electronics, Dasani said that in contrast, is entering the market with a profit-first story. With FY25 revenue at ₹1,420 crore (24% YoY growth) and net profit of ₹69 crore, the company is already operating with a PAT margin of ~4.9% and a 30% RoE.
The IPO values it at around ₹2,700 crore, implying a P/E of ~39x—justifiable given its leadership in the refurbished electronics space, global footprint across 38 countries, and five dedicated refurbishing centers. It also has a clearly defined use of proceeds: ₹320 crore toward debt repayment, aiding deleveraging and margin expansion.
According to Harshal, early subscription trends show higher institutional interest in GNG compared to IndiQube, possibly reflecting investor appetite for asset-light, profitable models in niche, scalable sectors.
“IndiQube has marquee clients and investor backing but demands a longer gestation period for rerating, hinging on execution and cash flow generation. GNG, on the other hand, appears to offer a cleaner path to earnings compounding, backed by a formalizing circular economy theme and rising demand for affordable electronics.
For investors balancing near-term comfort with long-term scalability, GNG stands out as the more immediate opportunity, while IndiQube suits those with a higher risk appetite and a longer holding horizon,” said Dasani.
IPO GMPs
IndiQube Spaces IPO GMP today
IndiQube Spaces IPO grey market premium is +23. This indicates IndiQube Spaces share price was trading at a premium of ₹23 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IndiQube Spaces share price was indicated at ₹260 apiece, which is 9.70% higher than the IPO price of ₹237.
Analyzing the grey market activities from the past seven sessions, the current IPO GMP is on an upward trend and is anticipated to have a solid listing. The minimum GMP recorded is ₹0.00, while the maximum GMP stands at ₹40, as stated by experts from investorgain.com.
GNG Electronics IPO GMP today
GNG Electronics IPO grey market premium is +105. This indicates GNG Electronics share price was trading at a premium of ₹105 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of GNG Electronics share price was indicated at ₹342 apiece, which is 44.30% higher than the IPO price of ₹237.
In the past six sessions, grey market activities have shown an upward trend, and today’s IPO GMP indicates a promising listing. The minimum GMP recorded is ₹71.00, while the maximum GMP reaches ₹105, as per experts from investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
