Netweb Technologies raises ₹189 crore from anchor investors
Netweb Technologies India has secured ₹189,015 crore from anchor investors ahead of its initial public offering, which opens to the public on Monday. The company has allocated 37.80 lakh shares at Rs 500 per share to the core investors.
Major foreign investors and local institutions such as Nomura Funds, Goldman Sachs Funds, ICICI Prudential MF, Life Insurance, HDFC MF, WhiteOak M and Nippon MF, among others, participated.
Netweb’s IPO of Rs 631 crore will open on July 17 and close on July 19. The offer price range is stated as Rs 475-500 per share. The initial public offering consisted of a new equity issue of Rs 206 crore and an offer for sale (OFS) of 85 equity shares by the promoters and sale of shareholders which included Sanjay Lodha, Vivek Lodha, Naveen Lodha, Neeraj Lodha and Ashoka Bajaj Hotels LLP.
Investors can bid on as few as 30 shares of stock. Up to 50 percent of the offer is reserved for qualified institutional buyers and 15 percent for non-institutional investors. Individual investors can bid up to 35 percent of the offer
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.
Delhi NCR based Netweb Technologies are edge computing solutions providers. It is one of the few original equipment manufacturers in the country and is a recipient of the Union Government’s production-linked incentive schemes.
Equirus Capital and IIFL Securities are the principals managing the issuance. After the IPO, the company’s shares will be listed on the Bahrain Stock Exchange and the New South Wales Stock Exchange.