Netweb Technologies India IPO subscribed 2.33 times

Published on Jul 17, 2023 17:14

The initial public offer (IPO) of Netweb Technologies India received bids for 2,06,05,860 shares as against 88,58,630 shares on offer, according to stock exchange data at 17:00 IST on Monday (17 July 2023). The issue was subscribed 2.33 times.

The issue opened for bidding on Monday (17 July 2023) and it will close on Wednesday (19 July 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO consists of a fresh issue of Rs 206 crore and an offer-for-sale of up to 85 lakh shares by its existing promoters and shareholders. The OFS comprises up to 2.86 million shares by Sanjay Lodha, up to 1.43 million each by Navin Lodha, Vivek Lodha and Niraj Lodha, and up to 1.35 million by Ashoka Bajaj Automobiles LLP.

Out of the proceeds from the fresh issue, Rs 32.29 crore will be used for funding capital expenditure requirements, Rs 128 crore for long-term working capital requirements and Rs 22.50 crore will be used to repay its debt.

On 28 June 2023, the company raised Rs 51 crore from institutional investors in a pre-IPO placement, that reduced the fresh issue size in the IPO.

Ahead of the IPO, Netweb Technologies India on Monday, 3 July 2023, raised Rs 189.01 crore from anchor investors. The board allotted 37.80 lakh shares at Rs 500 each to 25 anchor investors.

Netweb Technologies India (NTI) is one among India`s leading high-end computing solutions (HCS) provider, with fully integrated design and manufacturing capabilities.

The company`s high-end computing offerings include high performance computing (supercomputing / HPC) systems; private cloud and hyper converged infrastructure (HCI); Artificial Intelligence (AI) systems and enterprise workstations; high performance storage (HPS / Enterprise Storage System) solutions; data centre servers; and software and services for its HCS offerings.

The company reported a net profit of Rs 46.94 crore and net total income of Rs 444.97 crore for the twelve months ended on 31 March 2023.