Netweb Technologies shares were listed at 89.4% premium on both exchange houses on Thursday. On the NSE, the stock price was listed at ₹947 per share, 89.4% higher than the issue price, and on the BSE, the shares were listed at ₹942.50 per share.
Netweb Technologies IPO opened on Monday, July 17, for subscription and ended on Wednesday, July 19. The company had fixed the price band at ₹475 to ₹500 per equity share for the proposed IPO.
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“The strong listing was in line with expectations, as the company has a strong track record of growth and its financial performance has been improving in recent years. Netweb Technologies is well-positioned to benefit from the growth of the high-end computing market in India, as it has a strong focus on the niche business segment of high-end computing solutions,” said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd.
Netweb Technologies grey market premium (GMP) today is +394, according to topsharebrokers.com.
Mishra further added, “ After listing at such a level, we will suggest to hold as of now with a Stop loss at around 850. However, aggressive investors can still choose to buy during any subsequent dip.”
The third or final day of the issue of Netweb Technologies was subscribed 90.36 times including non Institutional Investors(NIIS), employees, and qualified institutional buyers (QIBs) who enthusiastically responded to the issue on the final day of subscription, followed by retail investors.
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Retail investors portion was subscribed 19.15 times, employee portion was subscribed 53.13 times, NIIs portion was subscribed 81.81 times, and QIBs portion was subscribed 228.91 times.
Netweb Technologies IPO collected ₹189.01 crore from anchor investors on Friday, July 14.
Nomura Funds, Goldman Sachs Funds, Eastspring Investments India Fund, Motilal Oswal MF, Franklin Templeton, Nippon Life India Trusteee, HDFC Mutual Fund, ICICI Prudential, Aditya Birla Sun Life Trustee, Axis Mutual Fund, and Whiteoak Capital — were the anchor investors in the company through the anchor book.