Netweb Technologies IPO to open on July 17. Check details

economictimes.indiatimes.com:

Netweb Technologies will open for subscription on July 17 and close on July 19. The subscription will open for anchor investors on July 14. Netweb had filed its draft papers with Sebi in March this year and received regulatory approval for the same earlier this month.

The IPO of Netweb comprises a fresh issue of equity shares up to Rs 206 crore and an offer-for-sale (OFS) of up to 8.5 million equity shares by promoter and selling shareholders. The price band for the issue will be announced soon. Under the OFS, Sanjay Lodha will offload 2.8 million shares, while Navin Lodha, Niraj Lodha and Vivek Lodha will sell 1.43 million shares each.

Ahead of the IPO, the company has raised Rs 51 crore in a pre-IPO round from marquee institutional investors, including LG Family Trust, Anupama Kishore Patil among others. The entire proceeds from the pre-IPO placement will be utilised for general corporate purposes. Netweb Technologies, an HCS (high-end computing solutions) provider based in India, serves a diverse range of Indian and multinational customers within the country.

The company's HCS offerings comprises high performance computing systems, private cloud and hyperconverged infrastructure, AI systems and enterprise workstations, high performance storage, data centre servers and software and services. The proceeds from the issue will be used for funding its capital expenditure, long-term working capital, and repayment, in full or in part, of debt. For the year ending March, the company clocked revenues of Rs 445 crore, while profit stood at Rs 46.9 crore in the same period.