Netweb Technologies sets IPO price band at Rs 475-500/share
Homegrown server maker Netweb Technologies India on Thursday said it has fixed a price band of Rs 475-500 per share for its Rs 631-crore initial public offering (IPO). The initial share sale will be open for public subscription during July 17-19.
![Netweb Technologies sets IPO price band at Rs 475-500/share](https://cdn.zeebiz.com/sites/default/files/2023/07/13/250870-ipo1-ians.jpg?im=FitAndFill=(1200,900))
Homegrown server maker Netweb Technologies India on Thursday said it has fixed a price band of Rs 475-500 per share for its Rs 631-crore initial public offering (IPO). The initial share sale will be open for public subscription during July 17-19. The bidding for anchor investors will open on July 14, according to the company.
The IPO comprises a fresh issue of equity shares worth Rs 206 crore and an offer-for-sale (OFS) of 85 lakh equity shares by promoters.
Those selling shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha, and Ashoka Bajaj Automobiles LLP.
Proceeds to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides for general corporate purposes.
The company through its IPO will fetch Rs 610 crore and Rs 631 crore at the lower and upper end of the price band, respectively.
Delhi NCR-based Netweb Technologies is one of the country's leading high-end computing solutions (HCS) providers. It is one of the few original equipment manufacturers (OEMs) in the country and is a recipient of production-linked incentives schemes of Government of India.
Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
Investors can bid for a minimum of 30 shares and in multiples thereof. Last month, the company raised Rs 51 crore from institutional investors in a pre-IPO placement round.
In fiscal year 2023, the company's revenue from operations jumped 80 per cent to Rs 445 crore against Rs 247 crore a year ago and net profit more than doubled to Rs 47 crore from Rs 22.45 crore.
Equirus Capital and IIFL Securities are the book-running lead managers to the issue. Post-IPO, equity shares of the company will be listed on the BSE and N
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