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The ₹631-crore IPO of Netweb Technologies saw an overwhelming response from all categories of investors, as the issue was subscribed 90.36 times. The IPO came out with a price band of ₹475-500.
The issue received bids of 80.04 crore shares against the offered 88.58 lakh shares on the last day of the issue on Wednesday, according to the data available on the exchanges.
The quota for qualified institutional buyers received bids for 228.91 times, while non-institutional investors’ portion was subscribed 81.81 times and retail investors 19.15 times. Employee quota was subscribed 53.13 times.
The IPO comprises a fresh issue of equity shares worth ₹206 crore and an Offer For Sale (OFS) of 85 lakh equity shares by promoters and selling shareholders, including Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP.
As a part of the IPO excercise, Netweb Technologies India, on Friday, garnered ₹189.015 crore from anchor investors.
Proceeds of the fresh issue to the tune of ₹32.77 crore will be used to fund capital expenditure, ₹128.02 crore to support long-term working capital, ₹22.5 crore for debt payment, besides general corporate purposes.
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