Netweb Tech IPO subscribed 90 times

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Netweb Technologies’ ₹631 crore IPO saw an overwhelming response from all classes of investors, with the issue subscribed 90.36 times. IPO is offered at a price of 475-500 euros.

The issue received bids worth 80.04 crore shares against the 88.58 thousand shares offered on the last day of the issue on Wednesday, according to data available on exchanges.

The share of qualified institutional buyers received bids 228.91 times, while the share of non-institutional investors was subscribed 81.81 times and individual investors 19.15 times. The employee share was subscribed 53.13 times.

The IPO consists of a new issue of equity shares of Rs 206 crore and an offer for sale (OFS) of 85 equity shares by the promoters and sale of shareholders, including Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP.

As part of the IPO exercise, Netweb Technologies India, on Friday, secured Rs 189,015 crore from anchor investors.

Proceeds from the new issue of ₹32.77 crore will be used to finance capital expenditures, ₹128.02 crore to support long-term working capital, ₹22.5 crore to pay off debts, along with general corporate purposes.