Netweb Technologies’ initial public offering (IPO) was subscribed 94% on the first day of trading, with retail investors and employees showing strong interest. The IPO has a total size of ₹631 crore, with a face value of ₹10 per share and a price band of ₹475-500 per share. The company is offering a discount of 5% to retail investors and employees. As of 13:00 IST on Monday, the IPO received bids for 83,30,010 shares against 88,58,630 shares on offer, resulting in a subscription of 94%. The retail investors’ portion received bids for 61,95,000 shares, while the employees’ portion received bids for 75,810 shares against 20,000. The non-institutional investors’ portion received bids for 20,44,920 shares against 19,22,685 shares.
Netweb Technologies, a software company providing cloud-based solutions to businesses, was founded in 2000 and is headquartered in Bengaluru. The IPO is being managed by Axis Capital and ICICI Securities. The company is expected to list on the BSE and NSE on July 21. The strong subscription to the IPO is a positive sign for Netweb Technologies, as it indicates investors are interested in the company’s growth prospects and is expected to raise much-needed capital for the company to expand its business.
The IPO is being offered in a pure-play equity offering, with the company seeking to raise ₹631 crore through the IPO. The issue closes on Wednesday, July 19, and the shares will be listed on the BSE and NSE on July 21.
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