Three companies—GNG Electronics (parent of Electronics Bazaar), logistics firm Glottis, and pharmaceutical manufacturer Amanta Healthcare—have received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs). These approvals, issued between June 16 and 20, clear the path for each firm to tap public capital markets with unique offerings tailored to their industry needs. Collectively spanning electronics refurbishment, logistics, and sterile medical products, the IPOs reflect a broader trend of sectoral diversification and rising investor interest in India’s mid-sized growth enterprises.
GNG Electronics: Driving Refurbished Tech Growth
GNG Electronics, the parent company of the popular refurbished tech brand Electronics Bazaar, has received SEBI clearance to launch an IPO that blends both fresh issuance and an offer-for-sale (OFS) component. The proposed public issue comprises fresh equity shares worth Rs. 450 crore and an OFS of up to 51 lakh shares by promoters and existing shareholders.
The OFS will see Sharad Khandelwal and Vidhi Sharad Khandelwal each divest 35,000 shares, while Amiable Electronics will offload up to 50.3 lakh shares. The company may also raise up to Rs. 90 crore via a pre-IPO placement, which, if executed, will reduce the size of the fresh issue.
GNG had earlier filed a draft red herring prospectus (DRHP) in December 2024, with a proposed issue size of Rs. 825 crore and an OFS of 97 lakh shares. The current filing reflects a more measured fundraising approach, possibly in line with revised capital deployment strategies.
Positioned as India’s largest Microsoft-authorised refurbisher in FY24, GNG operates across India and in markets such as the United States, Europe, Africa, and the UAE. Its end-to-end refurbishment model spans procurement, refurbishment, retailing, post-sale services, and warranties, making it a significant player in the sustainable electronics economy.
Glottis: Logistics Expansion Through Public Capital
Chennai-based Glottis, an integrated logistics company with a specialized focus on energy supply chains, has also secured SEBI’s nod for its IPO. The issue will consist of a fresh equity offering worth Rs. 160 crore, accompanied by an OFS of up to 1.45 crore equity shares.
Promoters Ramkumar Senthilvel and Kuttappan Manikandan, who currently hold equal stakes of 49.49% each, will each offload 72.5 lakh shares. The company plans to utilize the net proceeds primarily for capital expenditure—specifically, the acquisition of commercial vehicles and containers—as well as for general corporate purposes.
The IPO reflects Glottis’ strategy to scale operations in an increasingly infrastructure-focused economy, particularly amid India’s push for logistics efficiency under the PM Gati Shakti initiative.
Amanta Healthcare: Fresh Capital for Pharma Expansion
Ahmedabad-based Amanta Healthcare has also received SEBI approval to raise capital through an IPO comprising entirely fresh equity—up to 1.25 crore shares. The pharmaceutical firm specializes in manufacturing sterile injectable solutions, or parenterals, which are critical in cases where oral drug administration is ineffective or impossible.
Founded in 1994 by Bhavesh Patel, Amanta holds 113 active product registrations with regulatory bodies across various international jurisdictions. The company initially filed draft papers in September last year but withdrew the offer in January before refiling it in February 2025.
With a strong export presence and product focus in a high-barrier, high-demand segment, Amanta’s IPO is expected to attract interest from institutional investors looking to diversify within healthcare assets.
Market Implications and Listing Details
All three IPOs—GNG Electronics, Glottis, and Amanta Healthcare—plan to list their equity shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Their entries into the public markets come at a time when investor sentiment toward mid-cap and sector-specific IPOs remains robust, driven by a mix of strong fundamentals and renewed appetite for new-age and B2B companies.
These offerings also reflect an expanding trend of industry diversification among IPO-bound companies, moving beyond consumer tech and fintech to include healthcare, logistics, and circular economy-linked businesses.
Outlook: Capital Markets Widen for India’s Growth-Stage Enterprises
SEBI’s clearance of these three IPOs underscores the deepening of India’s capital markets and the regulatory system’s responsiveness to the financing needs of emerging enterprises. As these companies prepare for their public debuts, their fundraising strategies signal a strong commitment to capacity expansion, technological advancement, and global competitiveness.
For investors, these IPOs present opportunities to tap into the rising demand for sustainable tech, integrated logistics solutions, and critical healthcare infrastructure—each backed by proven business models and clear sectoral tailwinds.
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