Netweb Technologies, Nova Agritech get Sebi nod to launch their IPOs
Server maker Netweb Technologies and Agri-input manufacturer had filed their preliminary IPO papers (DRHP) with Sebi on March 28 and March 03, 2023, respectively.
- Jul 5, 2023,
- Updated Jul 5, 2023 4:47 PM IST
Two companies Netweb Technologies India and Nova Agritech have received approval from Sebi to launch their respective initial public offering (IPO). The final observations from the capital markets regulator is mandatory to raise funds from the capital markets via IPO, FPO or rights issue. Server maker Netweb Technologies and Agri-input manufacturer had filed their preliminary IPO papers (DRHP) with Sebi on March 28 and March 03, 2023, respectively. Both issues have received Sebi's go-ahead to raise funds via primary route.
Netweb’s issue consists of a fresh issue of equity shares worth up to Rs 206 crore and an offer-for-sale (OFS) of up to 85 lakh equity shares by promoters and existing shareholders. including Sanjay Lodha, Navin Lodha, Vivek Lodha, Niraj Lodha, Ashoka Bajaj Automobiles.
Ahead of its IPO, Netweb Tech, in consultation with the lead bankers to the issue, raised Rs 51 crore in a pre-IPO placement from institutional investors, including LG Family Trust, Anupama Kishore Patil, 360 ONE Special Opportunities Fund- Series 8, 360 ONE Monopolistic Market Intermediaries Fund on June 30, 2023. The company issued 1.02 million shares at a price of Rs 500 apeice. The net proceeds from the fresh issue will be utilized towards funding its capital expenditure, funding its long term working capital, repayment or pre-payment of certain of its outstanding borrowings and general corporate purposes, the company DRHP said. Netweb Technologies is a HCS provider based in India, serving a diverse range of Indian and multinational customers within the country. Throughout the years, the company has focused on enhancing its technological expertise, as well as its capabilities in design and development. Equirus Capital and IIFL Securities are the book-running lead managers and Link Intime India is the registrar for the offer. The equity shares are proposed to be listed on the BSE and NSE. On the other hand, the issue of Nova Agritech consists of a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale (OFS) of up to 77,58,620 equity shares by NutalapatiVenkatasubbarao. The net proceeds from the issue will be utilized towards investment in its subsidiary, Nova Agri Sciences for setting up a new formulation plant, funding capital expenditure, expansion of its existing formulation plant, funding of working capital requirement, and general corporate purposes. The Company manufactures, distributes and markets a wide range of product categories consisting of soil health management products; crop nutrition products; biostimulant products; biopesticide products; integrated pest management (IPM) products; new technologies; and crop protection products. Keynote Financial Services and Bajaj Capital are the book-running lead managers and Bigshare Services is the registrar to the issue. Shares of the company will be listed on both BSE and NSE.
Also read: HDFC Bank shares halt 5-day winning run, slip 3% post Q1 updates
Also read: TCS, HCL Tech to share Q1 results on July 12, Wipro July 13, Infosys July 20. Full list
Two companies Netweb Technologies India and Nova Agritech have received approval from Sebi to launch their respective initial public offering (IPO). The final observations from the capital markets regulator is mandatory to raise funds from the capital markets via IPO, FPO or rights issue. Server maker Netweb Technologies and Agri-input manufacturer had filed their preliminary IPO papers (DRHP) with Sebi on March 28 and March 03, 2023, respectively. Both issues have received Sebi's go-ahead to raise funds via primary route.
Netweb’s issue consists of a fresh issue of equity shares worth up to Rs 206 crore and an offer-for-sale (OFS) of up to 85 lakh equity shares by promoters and existing shareholders. including Sanjay Lodha, Navin Lodha, Vivek Lodha, Niraj Lodha, Ashoka Bajaj Automobiles.
Ahead of its IPO, Netweb Tech, in consultation with the lead bankers to the issue, raised Rs 51 crore in a pre-IPO placement from institutional investors, including LG Family Trust, Anupama Kishore Patil, 360 ONE Special Opportunities Fund- Series 8, 360 ONE Monopolistic Market Intermediaries Fund on June 30, 2023. The company issued 1.02 million shares at a price of Rs 500 apeice. The net proceeds from the fresh issue will be utilized towards funding its capital expenditure, funding its long term working capital, repayment or pre-payment of certain of its outstanding borrowings and general corporate purposes, the company DRHP said. Netweb Technologies is a HCS provider based in India, serving a diverse range of Indian and multinational customers within the country. Throughout the years, the company has focused on enhancing its technological expertise, as well as its capabilities in design and development. Equirus Capital and IIFL Securities are the book-running lead managers and Link Intime India is the registrar for the offer. The equity shares are proposed to be listed on the BSE and NSE. On the other hand, the issue of Nova Agritech consists of a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale (OFS) of up to 77,58,620 equity shares by NutalapatiVenkatasubbarao. The net proceeds from the issue will be utilized towards investment in its subsidiary, Nova Agri Sciences for setting up a new formulation plant, funding capital expenditure, expansion of its existing formulation plant, funding of working capital requirement, and general corporate purposes. The Company manufactures, distributes and markets a wide range of product categories consisting of soil health management products; crop nutrition products; biostimulant products; biopesticide products; integrated pest management (IPM) products; new technologies; and crop protection products. Keynote Financial Services and Bajaj Capital are the book-running lead managers and Bigshare Services is the registrar to the issue. Shares of the company will be listed on both BSE and NSE.
Also read: HDFC Bank shares halt 5-day winning run, slip 3% post Q1 updates
Also read: TCS, HCL Tech to share Q1 results on July 12, Wipro July 13, Infosys July 20. Full list