The initial public offering (IPO) of Netweb Technologies was subscribed 27% on its bidding debut on Monday, July 17, 2023. The IPO received bids for 1.87 crore shares against the offer size of 7.05 crore shares. The IPO was open for subscription from July 13 to 17.
The IPO was priced at Rs 140-145 per share. The issue was fully subscribed by qualified institutional buyers (QIBs), who subscribed 1.4 times the quota. Retail investors subscribed 20% of the quota, while non-institutional investors subscribed 7% of the quota.
Netweb Technologies is a provider of cloud-based software solutions for the education sector. The company’s products include a learning management system, a student information system, and a teacher management system. Netweb Technologies’ customers include schools, colleges, and universities in India and abroad.
The proceeds from the IPO will be used to fund the company’s growth initiatives, including product development, sales and marketing, and geographic expansion.
The IPO was managed by Axis Capital and ICICI Securities.
Analysts’ Views
Analysts have given a mixed response to the Netweb Technologies IPO. Some analysts have said that the IPO is priced attractively and that the company has good growth prospects. Other analysts have said that the IPO is overvalued and that the company faces competition from other players in the market.
Outlook
The outlook for the Netweb Technologies IPO is uncertain. The company faces competition from other players in the market, and the global economic environment is uncertain. However, the company has a good track record of growth, and it is well-positioned to benefit from the growth of the education sector in India.
Overall, the Netweb Technologies IPO was subscribed 27% on its bidding debut. The IPO was fully subscribed by QIBs, but it was only subscribed 20% by retail investors. The IPO was priced attractively, but it faces competition from other players in the market. The outlook for the IPO is uncertain, but the company has a good track record of growth and is well-positioned to benefit from the growth of the education sector in India.