Netweb Technologies, a leading provider of cloud-based solutions and services, is expected to announce the share allotment of its initial public offering (IPO) today. The company had launched its IPO on July 17, 2023, and received an overwhelming response from investors, with the issue being subscribed 42 times. The IPO was priced in the range of $20 to $22 per share, and aimed to raise $200 million.
The share allotment will be done on a proportionate basis, according to the company's prospectus. Investors who have applied for the IPO can check the status of their allotment on the website of the registrar, Link Intime India, or on the BSE website. The shares are expected to be credited to the demat accounts of the allottees by July 27, 2023, and the listing is likely to take place on July 28, 2023.
Netweb Technologies was founded in 2015 by a group of software engineers and entrepreneurs, and has grown rapidly in the past few years. The company offers cloud-based solutions and services for various sectors, such as e-commerce, education, healthcare, finance, and media. The company claims to have over 10,000 clients across 50 countries, and has a revenue of $120 million in the fiscal year 2022. The company plans to use the proceeds of the IPO for expanding its operations, investing in research and development, and repaying some of its debt.
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