Server-maker Netweb Technologies Files IPO Papers with Sebi

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Last Updated: March 29, 2023, 14:42 IST

The IPO size is estimated to be Rs 600-700 crore.

The IPO comprises a fresh issue of equity shares worth Rs 257 crore and an offer for sales of 85 lakh equity shares by promoters

Homegrown server maker Netweb Technologies India Ltd has filed draft papers with the capital markets regulator Sebi to raise up to Rs 700 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 257 crore and an offer for sales of 85 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles Pvt Ltd. The company may consider a pre-IPO placement aggregating up to Rs 51 crore and if such placement will be completed the fresh issue size will be reduced.

According to merchant banking sources, the IPO size is estimated to be Rs 600-700 crore. The proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides, general corporate purposes.

Delhi NCR-based Netweb Technologies is one of the country’s leading high-end computing solutions (HCS) providers. It is one of the few original equipment manufacturers (OEMs) in the country and is a recipient of production-linked incentives schemes of the Government of India.

For the fiscal year 2022, the company’s revenue from operations increased 73 per cent to Rs 247.03 crore against Rs 142.79 crore a year ago and net profit for the period surged to Rs 22.45 crore as against Rs 8.23 crore last year. For the six months ended September 30, 2022, revenue from operations stood at Rs 143.02 crore and net profit stood at Rs 14.73 crore.

Equirus Capital and IIFL Securities are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)



Source: www.news18.com

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