Homegrown server maker Netweb Technologies to float IPO on July 17

The initial share sale of homegrown server maker Netweb Technologies India will open on July 17 for public subscription.

The three-day Initial Public Offering (IPO) will conclude on July 20 and the bidding for anchor investors will open on July 14, according to the Red Herring Prospectus (RHP).

The IPO comprises a fresh issue of equity shares worth Rs 206 crore and an Offer For Sale (OFS) of 85 lakh equity shares by promoters.

Those selling shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP.

Proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides, general corporate purposes.

Delhi NCR-based Netweb Technologies is one of the country's leading high-end computing solutions providers. It is one of the few original equipment manufacturers in the country and is a recipient of production-linked incentives schemes of Government of India.

Equirus Capital and IIFL Securities are the book-running lead managers to the issue. Post-IPO, the equity shares of the company will be listed on the BSE and NSE.