Netweb Technologies IPO subscribed more than 2 times on first day of issue

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Netweb Technologies India’s IPO was oversubscribed twice on Monday, the first day of issuance. The net worth and high net worth singles portion of the issue were oversubscribed 3.4 times and 2.9 times, respectively. On Friday, the Delhi-based Edge Computing Solutions (HCS) provider made a share allotment worth Rs 189 crore to anchor investors.

Netweb has set 475-500 rupees as the price range for selling its first shares. At the upper end of the price range, the company is valued at Rs 2,803 crore, nearly 60 times the earnings of FY23. The IPO consists of a new fund raise of Rs 206 crore and an offer for sale of Rs 425 crore. Netweb plans to use the proceeds from the IPO to fund its capital expenditure requirements, which include building a Surface Mount Technology (SMT) line.