Netweb Technologies IPO Day 1 Subscription Status
A well-known technological business, Netweb Technologies Ltd., had a successful first day of its initial public offering (IPO), achieving a subscription rate of 94%. The IPO’s subscription period began on Monday, July 17, and it runs through Wednesday, July 19.
Retail investors had the most interest in the IPO, followed by non-institutional investors (NIIs) and qualified institutional buyers (QIBs), who all showed significant interest.
The section for retail investors saw a subscription rate of 1.38 times, demonstrating fervent interest from ordinary investors. Similar to the customer section, the employee portion saw a subscription rate of 3.79 times, demonstrating a significant level of interest from the staff of the business. The component for NIIs got bids totaling 1.06 times the number of shares offered, while the portion for QIBs saw a 1% subscription rate.
According to information provided by the BSE, as of 13:00 IST, the business has received offers for 83,30,010 of the 88,58,630 shares that were up for sale.
In particular, the 44,86,263 shares allocated for retail investors got offers for 61,95,000 shares, exceeding this number. Over the 20,000 shares that were offered, bids for the employees’ part totaled 75,810 shares. The 19,22,685 shares that were available for non-institutional investors’ portion received offers for 20,44,920 shares, while the 14,280 shares that were available for QIBs’ portion received bids for 24,29,682 shares.
The price range for the IPO was set by the firm at between $475 and $500 per equity share. High net worth individuals are allowed to 15% of the offer amount, qualified institutional purchasers 50%, and ordinary investors 35%.
Netweb Technologies India collected 189.01 crore from anchor investors on July 14 in advance of the IPO. At the higher price range of 500 rupees per share, the corporation distributed 37.80 lakh equity shares to 25 anchor investors. Nomura Funds, Goldman Sachs Funds, Eastspring Investments India Fund, Motilal Oswal MF, Franklin Templeton, Nippon Life India Trustee, HDFC Mutual Fund, ICICI Prudential, Aditya Birla Sun Life Trustee, Axis Mutual Fund, and Whiteoak Capital were notable investors in the anchor book.
Through the IPO, the business hopes to generate $631 million, which will be split between a fresh issue of shares for 206 million dollars and a promoter’s offer to sell shares for 425 dollars apiece. The money raised will be used for a number of things, such as civil construction expenditures for the structure housing the surface mount technology (SMT) line, interior design, and the acquisition of machinery and equipment for the new SMT manufacturing line.
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The funds will also help with long-term working capital requirements, allow for the prepayment or repayment of any existing borrowings, and support overall business goals.
The book running lead managers for the IPO are Equirus Capital Private Ltd and IIFL Securities Ltd, while Link Intime India Private Ltd is the issue’s registrar.
About Netweb Technologies:
Netweb Technologies is a well-known Indian-owned and run OEM in the HCS sector with an emphasis on offering supercomputing systems, private cloud and HCI, data centre servers, AI systems and enterprise workstations, and HPS solutions. Due to its completely integrated design and manufacturing capabilities, the company is well-positioned to have a substantial impact on the industry.
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