Netweb Technologies raises ₹1,200 crore via a QIP at ₹4,790 per share; stock hits 52-week high
25,05,219 equity shares were allotted to marquee institutional investors at a 1.96% discount to the floor price
Netweb Technologies India Ltd recently raised ₹1,200 crore through a Qualified Institutional Placement (QIP), issuing 25,05,219 equity shares at ₹4,790 per share. This represented a 1.96% discount to the floor price. The QIP attracted participation from both foreign portfolio investors and domestic mutual funds. Nomura India Investment Fund Mother Fund emerged as the largest allottee, purchasing 3,28,064 shares, or 13.10% of the issue.
Goldman Sachs Funds and Think India Opportunities Master Fund LP also participated significantly, acquiring 2,80,740 and 2,08,768 shares respectively. The allotment expanded Netweb's paid-up equity share capital to ₹11,88,91,812, comprising 5,94,45,906 shares, with each share carrying a face value of ₹2. The company's stock price surged by 4.14% on the NSE on Friday, reaching ₹5,644 and touching a 52-week high of ₹5,674.80 intraday.
The trading volume for the day was ₹1,927.94 crore, indicating strong interest from both institutional and retail investors. Over the past year, Netweb's stock has returned 173.40%, while the NIFTY 500 index has returned 1.65%. The company's total market capitalisation now stands at approximately ₹32,137 crore.
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