Server maker Netweb Technologies to float IPO on July 17
Indigenous server maker Netweb Technologies India will open its initial public offering (IPO) for public subscription on Monday. The three-day IPO will end on July 20 and the bidding for the anchor investors opens on July 14, the company’s Red Herring Prospectus said.
According to PTI report, the IPO has a fresh issue of equity shares to the tune of ₹206 crore and an offer for sale of 85 lakh equity shares by the promoters.
An offer for sale (OFS) is a process wherein the promoters of public firms can sell shares and cut their holdings in a transparent manner through the bidding platform. The promoters selling shares are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP.
According to report, the proceeds of the fresh issue worth ₹32.77 crore will be used to fund capital expenditure, ₹128.02 crore will be used to support long-term working capital, and ₹22.5 crore will be utilised for debt payment, besides, general corporate purposes.
Based in the Delhi-National Capital Region, Netweb Technologies is one of the country’s leading high-end computing solutions providers. It is one of the few original equipment manufacturers in the country and is a recipient of production-linked incentives schemes of Government of India.
Equirus Capital and IIFL Securities are the book-running lead managers to the issue. Post-IPO, the equity shares of the company will be listed on the BSE and NSE.
