Netweb Technologies Makes Striking 89% Debut on Bourses

27 Jul 2023 , 09:41 AM

Netweb Technologies Limited had a sensational debut on both the BSE and NSE following its initial public offer (IPO). The stock opened on the NSE at Rs 947, marking a 89.40% premium over the issue price of Rs 500. On the BSE, it debuted at Rs 942.50, reflecting a 88.50% premium over the issue price.

The IPO was met with overwhelming demand, being subscribed 90.36 times in total. Qualified institutional bidders (QIBs) played a significant role, oversubscribing their quota by an astonishing 228.91 times, the highest in this category in the last decade. Non-institutional bidders (NIIs), retail investors, and employees also showed considerable interest, subscribing to their respective portions 81.81 times, 19.15 times, and 53.13 times.

Netweb Technologies boasts a strong and extensive customer base, with long-standing relationships across various sectors, including information technology, information technology-enabled services, entertainment and media, banking, financial services, insurance (BFSI), national data centers, and government entities.

In its successful public issue last week, Netweb Technologies raised Rs 631 crore. The offer price band was set at Rs 475-500 per share.