Netweb Technologies India’s IPO was subscribed more than 2 times on Monday, the first day of the issue. The retail and high networth individual portion of the issue has been subscribed 3.4 times and 2.9 times, respectively. On Friday, the Delhi-based high-end computing solutions (HCS) provider had allotted shares worth Rs 189 crore to anchor investors.
Netweb has set Rs 475-500 as the price band for its maiden share sale. At the upper end of the price band, the company is valued at Rs 2,803 crore, nearly 60 times on FY23 earnings. The IPO consists of a fresh fund raise of Rs 206 crore and an offer-for-sale of Rs 425 crore. Netweb plans to use the IPO proceeds for funding capital expenditure requirements, which includes building a surface mount technology (SMT) line.
