The initial public offering (IPO) of GNG Electronics, India’s largest refurbisher of laptops and desktops, saw strong investor interest and was nearly fully subscribed within hours of opening on Wednesday.

As of 10:50 am, the IPO received bids for 1,21,52,448 shares against 1,41,88,644 shares on offer, translating to a subscription of 80 per cent, according to data from the Bombay Stock Exchange (BSE).

Among investor categories, non-institutional investors (NIIs) led the charge, with the segment subscribing 1.76 times its allotted portion. The retail investor category also saw healthy participation, with 94 per cent of the reserved allocation booked.

However, demand from qualified institutional buyers (QIBs) remained muted, with just 2 per cent of their quota subscribed so far.

(This story will be updated shortly.)