On Day 1, the Netweb Technologies IPO was subscribed 2.33 times thanks to enthusiastic support from employees and retail investors. With a price range of $475 to $500 per share, the issue is open until July 19. The company wants to raise $631 billion.
The initial public offering (IPO) of Netweb Technologies Ltd. received 2.33 times as many subscriptions on Day 1. The general issue’s subscription period began on July 17 and will expire on Wednesday, July 19.On the first day of subscription, employees and retail investors responded enthusiastically to the issue, followed by qualified institutional buyers and non-institutional investors (NIIs).
Retail investors’ shares were subscribed three times, employees’ shares six times, NII’s shares three and a half times and QIB’s shares three and a half times.
According to information received from BSE, the company has received bids for 2,06,05,890 shares out of 88,58,630 shares being offered.
1,34,67,090 shares were offered to the retail investors segment, while actually 44,86,263 shares were bid for.
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 some of the investors. Who invested in the company through anchor book.
Through an offer that includes issuance of fresh shares of 206 crore and offer to sell shares by the promoters for 425 each, the company hopes to raise $631 crore.
The following expenses, such as civil construction expenses for the building containing the surface mount technology (SMT) line, interior development, and purchase of machinery and equipment for the new SMT line, are some of the things the company intends to pay for. With the net proceeds from the offering.
Financing long-term working capital requirements, partial or full prepayment or repayment of certain existing borrowings, as well as general corporate objectives.
Equirus Capital Private Limited and IIFL Securities Limited are the Book-running Lead Managers to the Public Offer, and Link Intime India Private Limited is the Registrar to the Issue.