Netweb Tech files DRHP to raise funds through IPO

29 Mar 2023 , 11:40 AM

One of the leading high-end computing solutions (HCS) provider, Netweb Technologies India Ltd has filed draft papers with the market regulator Securities and Exchange Board of India to raise fund through initial public offer route. 

As per DRHP, the proposed IPO will comprises fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 8.50 million shares by the company’s existing shareholders and promoters. In OFS, Sanjay Lodha will offload up to 2.86 million shares, Navin Lodha, Vivek Lodha, and Niraj Lodha will sale up to 1.43 million shares each and up to 1.35 million shares will sell by Ashoka Bajaj Automobiles Pvt Ltd.

The company will use net proceeds from the fresh issue towards civil construction of the building for the surface mount technology (SMT) line, interior development, and equipping the new SMT line facility by purchasing necessary equipment and machinery. It will also allocate a part of funds towards the payment of debt and working capital requirements.

Equirus Capital and IIFL Capital Services are the lead managers to the issue and Link Intime India Pvt Ltd is the registrar.

On financial basis, the company has reported a substantial on-year increase in revenue, from Rs 142.79 crore to Rs 247.03 crore in FY 22. While the net profit increases to Rs 22.45 crore from Rs 8.23 crore.