Netweb technologies secures Rs 189 crore from anchor investors prior to IPO

High-end computing solutions provider Netweb Technologies India on July 14 has mobilised Rs 189.01 crore from anchor investors ahead of its initial public offering launch next week.

The company, in its filing to exchanges, said it has finalised allocation of 37.80 lakh equity shares to 25 anchor investors at Rs 500 per share, the upper price band.

Nomura Funds, Goldman Sachs Funds, Eastspring Investments India Fund, Motilal Oswal MF, Franklin Templeton, Nippon Life India Trusteee, HDFC Mutual Fund, ICICI Prudential, Aditya Birla Sun Life Trustee, Axis Mutual Fund, and Whiteoak Capital are amongst investors invested in the company via anchor book.

Netweb Technologies India will open its maiden public issue for subscription on July 17, with a price band of Rs 475-500 per share. The offer will close on July 19.

The company is planning to raise Rs 631 crore via offering which comprises a fresh issuance of shares worth Rs 206 crore and an offer for sale of Rs 425 per share by promoters.

The net fresh issue proceeds are going to be utilised for civil construction of the building for the surface mount technology (SMT) line and interior development, and purchase of equipment/machinery for the new SMT production line; working capital requirements; and repaying debts.

Half of the offer size is reserved for qualified institutional buyers, 15 percent for high networth individuals and 35 percent for retail investors. PTI