Netweb Technologies IPO: Price band fixed at ₹475-500 per share; Check details here | Mint – Mint

The initial public offering (IPO) of computing solutions provider Netweb Technologies India will hit the street on July 17. The company has announced the price band for its upcoming public issue of ₹475-500 per share.
Netweb Technologies IPO, which will remain open till July 19, consists of a fresh issue of shares worth ₹206 crore and an offer-for-sale of up to 85 lakh shares by its existing promoters and shareholders.
At the upper band price, the company expects to raise ₹631 crore through the IPO.
In the OFS, Sanjay Lodha will sell up to 28.6 lakh shares, while Navin Lodha, Vivek Lodha and Niraj Lodha will offload up to 14.3 lakh shares each. Ashoka Bajaj Automobiles LLP will sell 13.5 lakh shares in the OFS.
Ahead of the IPO, anchor investors will be allowed to bid on July 14.
The lot size of Netweb Technologies India IPO is 30 shares and the minimum investment amount required for retail investors is ₹15,000.
Also Read: Netweb Technologies to launch initial public offering on 17 July; 10 key pointers here
Netweb Technologies proposes to use the proceeds from the fresh issue for funding capital expenditure requirements worth ₹32.3 crore, while a further ₹128.02 crore will be used for funding long-term working capital requirements. Also, ₹22.5 crore will be utilized for repayment of outstanding borrowings. 
Additionally, a portion of the proceeds will be used for general corporate purposes.
The company is expected to finalise the IPO allotment on July 24 and initiate refunds on July 25, while the shares will be credited to the demat accounts of eligible allottees on July 26. 
Netweb Technologies shares will list on July 27 on BSE and NSE.
The lead managers of the issue are Equirus Capital and IIFL Securities, while Link Intime India Private Ltd is the IPO registrar.
Also Read: Synoptics Technologies SME IPO: Stock hits 5% lower circuit after listing flat on NSE SME
Netweb Technologies is a high-end computing solutions (HCS) provider. The company offers high-performance computing (Supercomputing / HPC) systems; private cloud and hyper-converged infrastructure (HCI); AI systems and enterprise workstations; high-performance storage (HPS / Enterprise Storage System) solutions; data centre servers; and software and services for our HCS offerings.
By the end of FY23, the company’s revenue from operations jumped to ₹444.97 crore as against ₹247 crore in FY22 and ₹142.78 crore in FY21. 
Meanwhile, FY23 profits stood at ₹46.9 crore versus ₹22.45 crore in FY22 and ₹8.23 crore in FY21. As of March 31, 2023, the company’s net worth was around ₹94 crore.
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