Netweb Technologies IPO subscribed 9.14 times on second day: NSE data

The Initial Public Offering (IPO) of Netweb Technologies was subscribed 9.14 times on Tuesday, the second day of the offer.

The Rs 631 crore-initial share sale received bids for 8,09,39,130 shares against 88,58,630 shares on offer, according to NSE data.

The category for non-institutional investors was subscribed 18.09 times while the portion for retail individual investors got subscribed 8.77 times and qualified institutional buyers quota was subscribed 2.66 times.

The IPO was subscribed 2.33 times on the first day on Monday. The three-day IPO has a fresh issue of up to Rs 206 crore and an offer for sale of up to 85 lakh equity shares.

The price band has been fixed at Rs 475-500 per share.

On Friday, the homegrown server maker 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.

Equirus Capital Pvt Ltd and IIFL Securities Ltd are the managers of the offer.

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