Netweb Technologies fixes IPO price range at Rs 475-500 per share

13 Jul 2023 , 03:33 PM

Netweb Technologies Limited, in its initial public offering (IPO) worth Rs 632 crore, has announced the price band for subscription, set from July 17 to July 19. Investors interested in the IPO can purchase shares within a price range of Rs 475-500 per share, with a lot size of 30 shares and its multiples.

The anchor bidding for the IPO will occur on July 14. The allotment of IPO shares to investors is scheduled for July 24, and the shares will be credited to their demat accounts on July 26. The stock is expected to be listed on exchanges on July 27.

The IPO consists of a fresh issue of Rs 206 crore and an offer-for-sale of up to 8.5 million shares by existing promoters and shareholders. At the upper end of the price band, the company aims to raise Rs 632 crore through the IPO.

The offer-for-sale includes up to 2.86 million shares by Sanjay Lodha, up to 1.43 million shares each by Navin Lodha, Vivek Lodha, and Niraj Lodha, and up to 1.35 million shares by Ashoka Bajaj Automobiles LLP.

Equirus Capital and IIFL Capital Services are the lead managers for the IPO.