Homegrown server maker Netweb Technologies India opened its initial public offering (IPO) for the public today and will close on Wednesday, i.e., July 19. The Delhi-based computing solutions provider aims to raise Rs 610 crore and Rs 631 crore at the lower and upper end of the price band, respectively, through its IPO.
The IPO aims to raise 631 crore with fresh equity of Rs 206 crore and an offer for the sale (OFS) of 8.5 million shares, which amounts to Rs 425 crore at the higher end of the price band. Those selling their shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha, and Ashoka Bajaj Automobiles LLP.
Netweb Technologies has set a price band of Rs 475-500 per share for the issue. The company has reserved half of the issue size for qualified institutional investors, while it has reserved 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
Investors applying for Netweb Technologies IPO can bid for a minimum of 30 shares and in multiples thereof.
Ahead of its IPO, Netweb Technologies raised Rs 189 crore from anchor investors on Friday. The firm allocated 37.80 lakh shares at Rs 500 per share to anchor investors. Nomura Funds, Goldman Sachs Funds, ICICI Prudential Mutual Fund (MF), HDFC MF, WhiteOak MF and Nippon MF, among others, participated in the anchor round, stated a circular updated on the BSE website.
The company last month raised Rs 51 crore from institutional investors in a pre-IPO placement round.
Netweb Technologies’ revenue from operations for FY23 jumped 80 per cent to Rs 445 crore from Rs 247 crore the previous year, while its net profit doubled Rs 47 crore over Rs 22.45 crore in the year-ago period.
Article Source: https://indianexpress.com/