1 week ago
Netweb Technologies raises ₹1,200 crore through qualified institutional placement
Netweb Technologies is a company that makes advanced computer servers.
It raised about ₹1,200 crore from large investment institutions.
This fundraising method is called a qualified institutional placement, or QIP.
The company gave investors 2,505,219 new shares.
Each share was priced at ₹4,790.
This was Netweb’s first equity fundraising since it became listed in July 2023.
The company plans to use the money to support its work and expected orders.
Its chairman said investors showed confidence in the company and the future of AI and high-end computing.
Netweb Technologies India raised approximately ₹1,200 crore through a qualified institutional placement.
The company allotted 2,505,219 shares at an issue price of ₹4,790 each.
The QIP was Netweb’s first equity capital raise since its July 2023 listing.
Investors included Goldman Sachs Asset Management, Nomura Asset Management and several Indian mutual funds.
Netweb plans to use the proceeds for working capital and general corporate purposes.
- Who
- Netweb Technologies India, with participation from institutional investors and mutual funds.
- What
- The company raised approximately ₹1,200 crore through a qualified institutional placement.
- Where
- New Delhi; the company is listed on the NSE and BSE.
- When
- August 25; the article does not specify the year.
- Why
- To fund working capital for anticipated order-book growth and for general corporate purposes.
Key facts
- Amount raised
- Approximately ₹1,200 crore
- Fundraising route
- Qualified institutional placement (QIP)
- Shares allotted
- 2,505,219 equity shares
- Issue price
- ₹4,790 per share
- Share face value
- ₹2 per share
- Listing date
- July 2023 on the NSE and BSE
- Planned use of proceeds
- Working capital and general corporate purposes
Quotes
Netweb Technologies India Limited
The company issuing the QIP statement
“The company intends to utilise the net proceeds of the QIP towards funding its working capital requirements to support the execution of its anticipated growth in the order book and general corporate purposes…”
livemint.com
“Netweb Technologies India Limited...announced the successful completion of its qualified institutions placement raising an aggregate of approximately ₹1,200 crore”
livemint.com
Sources
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