Netweb Technologies Ltd. shares listed at Rs 947 apiece on the National Stock Exchange, a premium of 89.4% to their IPO price of Rs 500 apiece. On the BSE, the stock debuted at Rs 942.50, a 88.5% premium.
The shares ended at a premium of 82.1% over the IPO price at Rs 910.50 apiece on the BSE, while it dipped 3.39% from its listing price. On NSE, the stock closed at a premium of 82.4% against the IPO price, declining 3.7% from the listing price at Rs 912 apiece.
Netweb Technologies India had launched its Rs 631-crore maiden share sale on July 17, which continued till July 19. The IPO was subscribed 2.33 times on the first day, 9.14 times on the second day, and 90.36 times on the final day.
The New Delhi-headquartered company had already undertaken a pre-IPO placement of 10,20,000 equity shares at an issue price of Rs 500 per equity share, aggregating Rs 51 crore.
The company raised Rs 189 crore from anchor investors ahead of its IPO. It allocated 37.8 lakh equity shares to anchor investors at Rs 500 apiece, according to a circular uploaded on the BSE website.
A portion of the IPO proceeds was to be used for funding capital expenditure requirements for new surface-mount technology line's civil construction and machinery purchases.
The funds from the issue were also to be used for funding long-term working capital requirements, repayment or prepayment of outstanding borrowings, and other general corporate purposes.
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