Jobaaj Stories
Netweb Technologies India, a prominent provider of high-end computing solutions (HCS), has set the stock market abuzz with its dazzling debut. The company's shares made a striking entry on the National Stock Exchange (NSE) with a remarkable premium of 90%, opening at Rs 947, a significant surge from its issue price of Rs 500. Equally impressive, the stock debuted on the BSE at Rs 942.50, marking an 89% premium.
The excitement surrounding Netweb Technologies was palpable even before its listing, as the company commanded a premium of Rs 390-400 in the grey market, hinting at an exceptional performance on its maiden trading day. True to expectations, the stock surpassed all anticipation with a stellar debut.
Netweb's Initial Public Offering (IPO), featuring shares offered in the range of Rs 475-500 from July 17th to 19th, received an overwhelming response from investors. The subscription rate soared to an impressive 90.55 times, a testament to the widespread appeal of the company's niche business model.
Fueling the oversubscription were the Qualified Institutional Bidders (QIBs), who played a pivotal role by booking their quota an astounding 220.69 times—the highest in this category in the last ten years. Additionally, non-institutional bidders (NIIs), retail investors, and employees displayed keen interest, with their portions being subscribed 83.21 times, 19.48 times, and 55.92 times, respectively.
Established in 1999, Netweb Technologies boasts expertise in high-performance computing (supercomputing/HPC) systems, private cloud and hyper-converged infrastructure (HCI), AI systems, enterprise workstations, high-performance storage solutions, data center servers, software, and services.
The company's uniqueness lies in its homegrown compute and storage technologies, providing a comprehensive range of HCS, including proprietary middleware solutions and precompiled application stacks. Netweb caters to the diverse needs of businesses, academia, and research organizations through its cutting-edge supercomputing infrastructure.
Equirus Capital and IIFL Securities served as the book-running lead managers for the IPO, while Link Intime India acted as the registrar to the issue.
Netweb Technologies' impressive market debut is a testament to its strong market standing and investor confidence, firmly establishing its position as a rising star in the dynamic technology landscape. As investors keenly observe its growth trajectory, Netweb Technologies sets the stage for a promising future in the technology sector.
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