[ad_1]
Local server maker Netweb Technologies India opened its Initial Public Offering (IPO) to the public today and will close on Wednesday, i.e. July 19th. The upper end of the price range, respectively, through the IPO.
The IPO aims to raise Rs 631 crore with a fresh balance of Rs 206 crore and offer-of-sale (OFS) of 8.5 million shares, which comes out to Rs 425 crore at the higher end of the price range. Those selling their shares in OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP.
Netweb Technologies has set a price range of 475 to 500 rupees per share for the issue. The company reserved half of the issue size for qualified institutional investors, while allocating 35 percent to individual investors, and the remaining 15 percent to non-institutional investors.
Investors who apply for a Netweb Technologies IPO can bid on a minimum of 30 shares and their multiples.
Ahead of the IPO, Netweb Technologies raised Rs 189 crore from anchor investors on Friday. The company has allocated 37.80 lakh shares at Rs 500 per share to the established investors. Nomura Funds, Goldman Sachs Funds, ICICI Prudential Mutual Fund (MF), HDFC MF, WhiteOak MF and Nippon MF, among others, have participated in the awarding round, according to an updated circular on the BSE website.
Last month, the company raised ₹51 crore from institutional investors in its pre-IPO round.
Netweb Technologies’ revenue from operations for FY23 jumped by 80% to Rs.445 crore from Rs.247 crore in the previous year, while its net profit doubled by Rs.47 crore over Rs.22.45 crore in the year-ago period.
The company will debut on the stock exchanges on July 27.
[ad_2]
