The allotment for the initial public offer (IPO) of Netweb Technologies is likely to be finalised today. Investors can check their allotment status on the issue's registrar Link Intime's website as well as on BSE.
The ₹631-crore initial public offering of Netweb Technologies opened for subscription today, July 17, 2023. The price band for the IPO of this high-end computing solution (HCS) provider, which closes for subscription on July 19, was set at ₹475-500. This was the third offering in the current month after Senco Gold and Utkarsh Small Finance Bank.
The public issue has received an overwhelming response from investors, subscribing 90.55 times during July 17-19. It received bids for 72 lakh shares against 80.04 crore shares on offer.
The quota reserved for qualified institutional bidders (QIBs) was subscribed a massive 220.69 times, the highest by this category of investors in more than a decade. It was followed by the non-institutional bidders' (NIIs) part, which was booked 83.21 times while portion allocation to retail investors was subscribed 19.48 times. Finally, the employee's quota saw 55.92 times bids.
The trading in equity shares of Netweb Technologies is likely to start on July 27.
Here's how you can check the allotment status:
Here's how you can check the allotment status:
On BSE
1) Go to the website.
2) Select ‘Equity’ and then from the dropdown, select the issue name (Netweb Technologies).
3) Enter your application number and PAN card number.
4) Click on the "Search" button.
In a similar way, you can also check on its registrar's website
1) Go to the website of Link Intime.
2) Click on ‘Company Selection’ and then select the IPO name (Netweb Technologies).
3) Now, enter your PAN, application number, DP / Client ID or account number / IFSC.
4) Click on ‘Search’.
The status will only appear after allotment if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account. Eligible investors will get shares in their demat accounts by July 26 whereas the refunds will be credited to the bank accounts of unsuccessful investors by July 25.
GMP: Ahead of the IPO, the company's shares in the grey market are trading at a healthy premium of ₹380, indicating a strong response for the issue. It has risen from ₹360 on July 19 and ₹325 on July 17.
However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.
The issue comprises a fresh issuance of shares worth ₹206 crore by the company and an offer for sale of 85 lakh shares worth ₹425 crore at an upper price band by the promoters. Sanjay Lodha, Navin Lodha, Vivek Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP are the promoter-selling shareholders.
The fresh issue proceeds (excluding issue expenses) will be utilised for capital expenditure towards surface mount technology (SMT) line development, long-term working capital requirements, and for repaying debts, and remaining for general corporate purposes. The offer for sale money will go to promoters selling shareholders in the IPO and the company will not receive any money from the OFS portion.
Most analysts advise subscribing to the IPO considering its attractive valuations, strong growth opportunities, robust fundamentals and rich product portfolio.
Incorporated in 1999, Netweb Technologies provides high-end computing solutions (HCS), offering high-performance computing (supercomputing/HPC) systems; private cloud and hyper-converged infrastructure (HCI); AI systems and enterprise workstations; high-performance storage solutions; data center servers, software and services.
The company operates a manufacturing facility in Faridabad, Haryana, and has 16 offices across India. NTIL’s 3 supercomputers have been listed among the world's top 500 supercomputers 11 times.
