1st day of Netweb Technologies IPO sees 2.33 times subscription

Netweb Technologies Ltd's IPO was subscribed 2.33 times on Day 1 of subscription; retail investors, employees, non-institutional investors, and QIBs subscribed enthusiastically.

The company received bids for 2,06,05,890 shares against 88,58,630 shares on offer, and decided the price band at ₹475 to ₹500 per equity share.

Approximately 37.80 lakh equity shares were allocated to 25 anchor investors at the upper price band of ₹500 per share, including notable investors like Nomura Funds, Goldman Sachs Funds, and HDFC Mutual Fund.

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The company aims to raise ₹631 crore via the offering for matters such as civil construction costs, purchasing machinery and equipment for a new production line, and paying off certain borrowings.