SEBI Clears IPO Path for GNG Electronics, Glottis and Amanta Healthcare

Mumbai, 24 June 2025: In a key regulatory development, GNG Electronics, Glottis and Amanta Healthcare have received the go-ahead from the Securities and Exchange Board of India (SEBI) to initiate their initial public offerings (IPOs).

The approvals were granted via observation letters issued between 16 and 20 June, subsequent to the draft red herring prospectuses (DRHPs) filed by the firms during February and March 2025.

GNG Electronics to Launch ₹450 Cr Fresh Issue; Revises Earlier IPO Plans

Electronics refurbishment giant GNG Electronics, operating under the brand ‘Electronics Bazaar’, has secured SEBI’s nod to proceed with a ₹450 crore fresh issue alongside an offer-for-sale (OFS) of up to 51 lakh shares by promoters.

Breakdown of the OFS is as follows:

• Sharad Khandelwal: 35,000 shares
• Vidhi Sharad Khandelwal: 35,000 shares
• Amiable Electronics: Up to 50.30 lakh shares

The company may also explore a pre-IPO placement of up to ₹90 crore, which, if executed, would proportionally reduce the size of the fresh issue.

Earlier, in December 2024, GNG Electronics had filed for a much larger IPO—₹825 crore fresh issue with 97 lakh shares in OFS. The company later scaled back its offering in the latest draft.

Recognised as India’s largest Microsoft-authorised refurbisher in FY24, GNG Electronics offers end-to-end services including procurement, refurbishment, sales, and after-sales support for laptops and desktops. It has a well-established global presence in regions such as the United States, Europe, Africa, and the UAE.

Glottis to Raise ₹160 Cr for Commercial Fleet Growth

Chennai-based logistics firm Glottis will issue fresh equity worth ₹160 crore, accompanied by an OFS of up to 1.45 crore shares.

Promoters Ramkumar Senthilvel and Kuttappan Manikandan, who each currently hold a 49.49% stake in the firm, plan to divest 72.50 lakh shares each as part of the OFS.

Funds raised through the fresh issue are earmarked for:

• Capital investments in new commercial vehicles and shipping containers
• Other general corporate purposes

Glottis operates as a multi-modal logistics provider with a key emphasis on energy-related supply chain services.

Amanta Healthcare to Issue 1.25 Crore Fresh Equity Shares

Pharmaceutical firm Amanta Healthcare, headquartered in Ahmedabad, has also obtained SEBI approval for its public issue, which will consist entirely of a fresh issuance of up to 1.25 crore equity shares.

The company initially filed draft IPO documents in September 2024 but later withdrew them before submitting a revised version in February 2025.

Founded in 1994 by Bhavesh Patel, Amanta Healthcare manufactures sterile liquid solutions and medical devices, including parenteral products designed for patients unable to take oral medication. The company currently holds 113 active product registrations with global regulatory bodies.

BSE and NSE Listing on the Cards for All Three Firms

GNG Electronics, Glottis and Amanta Healthcare intend to list their equity shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), aiming to attract wider investor interest and capitalise on upcoming market opportunities.

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