Investors investing heavily in Netweb Tech IPO, 2.13 times subscription happened on the first day itself
Netweb Tech IPO: Today the IPO of server maker Netweb Tech has opened for subscription. On the very first day, investors fiercely bought the IPO of this company. Retail investors have bought the IPO of this company the most. Let us know about the purpose of the IPO from the price band of this company?
The IPO of Indian server maker Netweb Technologies has opened today. Investors appreciated this IPO very much. The company's IPO has been subscribed 2.13 times till today evening. As per NSE data, the company received offers for 2,06,05,860 shares against the offer for 8,858,630 shares. Investors can invest in the IPO of this company till 19 July 2023.
The company has fixed the price band of its IPO at Rs 75-500 per share. In this, 2 percent is filled for Qualified Institutional Buyers (QIB). At the same time, 3.13 times stake for non-institutional investors (NII) and 2.82 times retail investors have subscribed to the issue.
The company is expecting to raise Rs 631 crore through this IPO. The company is selling new shares worth Rs 260 crore and 8.5 million through an offer for sale. The company will use Rs 32.77 crore from the new issue for capital expenditure and Rs 128.02 crore for long-term working capital. In addition, Rs 22.5 crore will be used for general corporate purposes apart from debt repayment.
The allotment of the IPO will take place on July 24. At the same time, by July 25, the investor will get its refund back. The company will be listed on the stock market on July 27, 2023. It will be listed on both BSE and NSE.
Netweb Technologies is India's famous server company. It is one of the leading companies in India. The manufacturing unit of the company is located in Faridabad, Haryana. The company provides supercomputing systems, private clouds, data center servers, as well as workstations and HPS. The company serves a number of local and international clients based in India.
