Net Avenue Technologies IPO subscribed over 54 times on second day so far, retail portion booked over 89 times
₹16 to ₹18 per share, at the face value of ₹1 per share. The total size of the issue is 5,696,000 shares (aggregating up to ₹10.25 crore).
Not more than 50% of the offer is reserved for QIB, not less than 30% reserved for the retail portion and not less than 15% of the offer is reserved for NII (HNI). The issue raised around ₹2.91 crore from anchor investors on November 29, 2023.
The company intends to utilize the net proceeds from the issue towards the funding for customer acquisition - marketing and awareness, funding working capital requirement, general corporate purpose and to meet the issue expenses. Shreni Shares Limited is the book running lead manager of the Net Avenue Technologies IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Net Avenue IPO GMP today or grey market premium is +7, which means shares are trading at their premium of ₹7 in the grey market, according to investorgain.com. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Net Avenue share price was indicated at ₹25 apiece, which is 38% higher than the IPO price of ₹18.
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