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Netweb Technologies IPO Enters Market with Grand Entry

According to NSE statistics, the initial public offering (IPO) of NET Web Technologies was subscribed 2.33 times on Monday, the first day of the public offering.

According to BSE data, NET Web Tech’s IPO offered shares for an issue size of 88.58.630 shares. The initial sale of shares valued at Rs.631 million will be sold in increments of 30 shares, followed by further sales ranging from Rs.475 to Rs.500.

The Retail Investor category received 3.61x oversubscription, while the Qualified Institutional Investor (QIB) received 3x his oversubscription. A Qualified Institutional Investor (QIB) underwrote 3% of the shares.

IPO includes the initial issue of up to Rs 206 crore and the sale of his 8,500,000 shares. Offering prices range from ₹475 to ₹500 per share.

According to the Local server maker:

Net Web Technologies announced on Friday that it has raised Rs 189 crore from a major investor. Proceeds from the new offering of Rs.327.7 billion will be used for working capital to support long-term capital expenditure of Rs.1280.2 billion, debt repayment of Rs.225 billion, and general corporate purposes.

On the gray market, Net Web Tech shares were trading at a premium of 75% above the issue price of ₹500 (high-end) per share. Prior to the IPO, the company raised Rs 189 million by allocating 37.8 million shares to anchor investors at a price of Rs 500 per share. Anchor round participants included Nomura Fund, Goldman Sachs Fund, ICICI Prudential Mutual Fund (MF), HDFC MF, Whitestone MF, and Japan MF. IIFL Securities and Equitas Capital will handle his IPO.

Web Technologies, based in Delhi NCR, is a leading provider of high-end computing solutions. Equitas Capital and IIFL Securities are the controllers of this product. After the IPO, the company’s shares will be listed on the BSE and NSE.

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