Netweb Tech Announces Public Issue Opening for Bidding on July 17

12 Jul 2023 , 10:11 AM

Netweb Technologies, a provider of high-end computing solutions, is set to open for subscription from July 17 and conclude on July 19. The anchor bidding is scheduled for July 14, with share allotment to investors on July 24 and crediting to their demat accounts on July 26. The stock is expected to be listed on the exchanges on July 27.

The IPO consists of fresh equity shares worth Rs 209 crore and an offer for sale of 8.5 million shares by promoters and shareholders. 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.

The proceeds from the fresh issue will be utilized to fund working capital requirements, debt payment, and other general corporate purposes. Prior to the IPO, the company raised Rs 51 crore in the pre-IPO placement round from institutional investors. In this placement, shares were allocated to LG Family Trust (20,000 shares), Anupama Kishor Patil (100,000 shares), 360 ONE Special Opportunities Fund – Series 8 (500,000 shares), and 360 ONE Monopolistic Market Intermediaries Fund (400,000 shares).

Equirus Capital and IIFL Capital Services are managing the issue, and the listing will take place on the BSE and NSE exchanges.