Netweb Technologies raises Rs 51 crore in pre-IPO placement, cuts fresh issue size

Netweb Technologies, a provider of computing solutions, has reduced the amount of the fresh issue in its upcoming IPO as a result of raising Rs 51 crore from institutional investors in a pre-IPO placement.

According to the company's announcement that was published in a business publication, "In consultation with book running lead managers, the company has undertaken a pre-IPO placement of 10.2 lakh equity shares at an issue price of Rs 500 per share, aggregating to Rs 51 crore."

In a pre-IPO placement, the company distributed 10.2 lakh shares to LG Family Trust (20,000 equity shares), Anupama Kishor Patil (one lakh shares), 360 ONE Special Opportunities Fund - Series 8 (five lakh shares), and 360 ONE Monopolistic Market Intermediaries Fund (four lakh shares).

Netweb said all pre-IPO placement revenues would be used for general business objectives. The fresh issue size of Rs 257 crore has been decreased by Rs 51 crore to Rs 206 crore as a result, the statement said.

Source: Media reports