On the last day of the offer, Netweb Technologies’ IPO received 90.36 subscriptions

On the last day of the offer on Wednesday, the Initial Public Offering (IPO) of Netweb Technologies was subscribed 90.36 times, thanks in large part to the fervent interest of institutional investors.

According to a National Stock Exchange (NSE) report, bids for 80,04,52,380 shares of the Rs 631 crore first share sale were received vs 88,58,630 shares that were offered.

Qualified Institutional Buyers (QIBs) had 228,91 times their allotted quota subscribed. The category for non-institutional investors received 81.81 times as many subscriptions as it did for the Retail Individual Investors (RIIs) portion.

A new issuance of up to Rs 206 crore and an offer to sell up to 8,500,000 equity shares were both included in the IPO, which had a price range of Rs 475–500 per share. On Monday, the first day of the promotion, it was entirely subscribed.

The domestic server manufacturer said on Friday that it had received Rs 189 crore from anchor investors.

Along with general corporate objectives, the Rs 32.77 crore in proceeds from the additional offer would be used to finance capital expenditures, Rs 128.02 crore to maintain long-term working capital, and Rs 22.5 crore to pay down debt.

The IPO’s managers were Equirus Capital Pvt Ltd and IIFL Securities Ltd. The BSE and the NSE will both list the company’s equity shares.