Netweb Technologies, Nova Agritech get Sebi nod to raise funds via IPO

economictimes.indiatimes.com:

Nova Agritech received approval from capital markets regulator Sebi to raise funds through the IPO. Both Netweb Technologies and Nova Agritech filed preliminary IPO papers with Sebi in March this year. The IPO of Netweb comprises a fresh issue of equity shares of up to Rs 206 crore and an offer-for-sale (OFS) of up to 8.5 million equity shares by promoters selling shareholders.

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 raised Rs 51 crore in a pre-IPO round from marquee institutional investors, including LG Family Trust, Anupama Kishore Patil, among others. The proceeds from the issue will be utilised for funding its capital expenditure, long-term working capital, and repayment, in full or in part, of debt.

Netweb Technologies, an HCS provider based in India, serves a diverse range of Indian and multinational customers within the country. Equirus Capital Private and IIFL Securities are the book-running lead managers and Link Intime India is the registrar for the offer. Meanwhile, Nova Agritech's offer has a fresh issue of Rs 140 crore and an OFS of up to 77.58 lakh equity shares by Nutalapati Venkatasubbarao.