Netweb Technologies IPO subscribed 2.33 times on Day 1 of offer on Monday

The initial public offering of Netweb Technologies was subscribed 2.33 times on the first day of the offer on Monday.

The three-day Rs 631-crore initial share sale received bids for 2,06,05,860 shares against 88,58,630 on offer, according to NSE data.

The non-institutional investors' category received 3.61 times subscription while the retail individual investors (RIIs) portion was subscribed three times. The Qualified Institutional Buyers (QIBs) portion was subscribed 3 per cent.

The initial public offering (IPO) has a fresh issue of up to Rs 206 crore and an offer for sale of up to 85,00,000 equity shares.

The price range for the offer is Rs 475-500 a share.

Homegrown server maker Netweb Technologies had on Friday said it has collected Rs 189 crore from anchor investors.

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, and Rs 22.5 crore for debt payment, besides general corporate purposes.

Delhi NCR-based Netweb Technologies is a leading high-end computing solutions providers. Equirus Capital and IIFL Securities are the managers to the offer.

Post-IPO, equity shares of the company will be listed on the BSE and the NSE.