Shares of server maker Netweb Technologies made a bumper listing on stock exchanges on Thursday, with a premium of over 89 per cent. On the National Stock Exchange, Netweb Technologies’ stock listed at Rs 947, up 89.4 per cent from its issue price of Rs 500. On BSE, the shares debuted at Rs 942.50, up 88.5 per cent from its issue price.
In the intraday session, it hit a high of Rs 952, up 90.4 per cent from its issue price. At the time of writing, the shares of Netweb Technologies were trading 4.92 per cent from its opening price, at Rs 900.40.
The homegrown server maker opened its initial public offering (IPO) for the public on July 17 and closed on July 19. The company’s IPO had received a whopping 90.36 times subscription.
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The company, which aimed to raise Rs 631 crore through its IPO, had set a price range of Rs 475-500 apiece.
Netweb Technologies raised Rs 189 crore from anchor investors ahead of its IPO. The firm had allocated 37.80 lakh shares at Rs 500 per share to anchor investors, which included Nomura Funds, Goldman Sachs Funds, ICICI Prudential Mutual Fund (MF), HDFC MF, WhiteOak MF, and Nippon MF, among others.
The company’s net profit in the last fiscal doubled to Rs 47 crore, from Rs 22.45 crore in the year-ago period, while its revenue from operations for the same period jumped 80 per cent to Rs 445 crore YoY.