Netweb Technologies makes stellar Dalal street debut; stock lists with 90% at Rs 947

Shares of Netweb Technologies India made a stellar debut at Dalal Street on Thursday as the stock was listed at Rs 947 on the National Stock Exchange (NSE), a premium of 90 per cent, over its issue price of Rs 500. Similarly, the stock made its debut at a premium of 89 per cent at Rs 942.50 on the BSE.

A day prior to its listing at the bourses, shares of Netweb Technologies India were commanding a premium of Rs 390-400 in the grey market over its given issue price, signaling a strong listing pop to the investors on the debut. The counter kicked off the session on a better note, compared to the expectations.

The Rs 631-crore initial public offering of Netweb Technologies, a high-end computing solution (HCS) provider, had received a robust strong response from the investors. The primary stake sale of Netweb Technologies, which was sold in the range of Rs 475-500 apiece, between July 17-19. The issue was overall subscribed 90.55 times, thanks to its niche business model.

The bidding was led by qualified institutional bidders (QIBs), whose quota was booked 220.69 times, highest in the category in the last one decade. The portions for non-institutional bidders (NIIs), retail investors and employees were booked 83.21 times, 19.48 times and 55.92 times, respectively.

Incorporated in 1999, Netweb Technologies provides high-end computing solutions (HCS), offering high-performance computing (supercomputing/HPC) systems; private cloud and hyper-converged infrastructure (HCI); AI systems and enterprise workstations; high-performance storage solutions; data center servers, software and services.

Netweb Technologies designs, manufactures and deploys HCS comprising proprietary middleware solutions, end-user utilities, and precompiled application stack. It develops homegrown compute and storage technologies, and deploys supercomputing infrastructure to meet demands of businesses, academia, and research organizations.

Equirus Capital and IIFL Securities are to book-running lead managers to the issue, while Link Intime India has been appointed as the registrar to the issue. 

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