Netweb Technologies Debuts At Premium, Stock Rises 91% Against IPO Issue Price

Netweb Technologies India made a stellar debut on stock exchanges by listing at a premium of nearly 89% each on BSE and NSE against the IPO issue price. The stock continues to trade on a bullish note and has rallied up to 91%. Netweb which launched its initial public offer (IPO) from July 17 to July 19, was oversubscribed by 90.36 times with strong appetite from across investors category.

On BSE, Netweb Technologies listed at 88.5% premium at Rs 942.50 apiece against the issue price of Rs 500 apiece. On NSE, the listing was at 89.4% premium at Rs 947 apiece.

Although, currently Netweb Tech's share price is traded in the red against its listing price on BSE and NSE due to market volatility. However, compared to the IPO upper price band, the stock price continued to witness a double-digit upside in percentage.

At the time of writing, Netweb Tech traded at Rs 896 apiece, up by Rs 396 or 79.20% on BSE against the IPO price band. The stock has jumped by at least 90.6% with a 52-week high of Rs 953 apiece on the exchange.

Meanwhile, on NSE, the stock traded at Rs 894.70 apiece, surging by Rs 394.7 or 78.94% against the IPO price. The stock has rallied by nearly 90.4% with a fresh 52-week high of Rs 952 apiece.

However, against the listing price, the stock is down by 5.04% on BSE and lower by 5.5% on NSE.

The stock is admitted to dealings on BSE in the list of 'B' Group Securities.

Netweb Tech IPO oversubscribed by 90.36 times. The qualified institutional buyers (QIBs) were top buyers of Netweb IPO as the reserved portion for this category subscribed by a whopping 228.91 times. Meanwhile, the portion allocated for non-institutional investors (NII) and retail individual investors (RII) also oversubscribed by 81.81 times and 19.15 times respectively.

Netweb Technologies is India's leading high-end computing solutions (HCS) provider. In the financial year FY22, Netweb's revenue stood at Rs 247.03 crore versus Rs 142.78 crore in FY21 and Rs 156 crore in FY20. PAT stood at Rs 22.45 crore in FY22 as against Rs 8.23 crore in FY21 and Rs 3.91 crore in FY20.

During the IPO note, IndSec analysts said, Netweb y has no like to like peers listed in India. Its prospects looks promising given the space its operates.

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