Netweb Technologies India Ltd., a provider of computing solutions, has established a predetermined price range of Rs 475-500 per share for its upcoming initial public offering (IPO). The IPO is set to begin on July 17, allowing interested investors to subscribe, and will conclude on July 19. The anchor bidding is scheduled for July 14.
Investors can expect the IPO shares to be allotted on July 24 and credited to their demat accounts on July 26. The stock will then be listed on exchanges on July 27.
The IPO consists of a fresh issue of Rs 206 crore and an offer-for-sale of up to 8.5 million shares by the company's existing promoters and shareholders. At the upper band price, the company aims to raise Rs 632 crore through the IPO.
The offer-for-sale includes shares from Sanjay Lodha (up to 2.86 million shares), Navin Lodha (up to 1.43 million shares), Vivek Lodha (up to 1.43 million shares), Niraj Lodha (up to 1.43 million shares), and Ashoka Bajaj Automobiles LLP (up to 1.35 million shares).
From the proceeds of the fresh issue, Rs 32.29 crore will be allocated for funding capital expenditure requirements, Rs 128 crore for long-term working capital requirements, and Rs 22.50 crore will be used to repay debt.
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