Investors who have allotted shares can expect credit of shares in their demat accounts by July 26. The shares are expected to be listed on BSE and NSE on July 27.
The allotment of shares in high-end computing solutions provider NetWeb Technologies is likely to be finalized today on July 24 after the auction for the initial public offering (IPO) ended on July 19.
Delhi-based NetWeb Technologies’ IPO was oversubscribed 90 times, receiving bids for 79.95 crore equity shares, widely surpassing the offer size of 88.58 lakh equity shares.
Investors who have subscribed for shares under the offer can check the allotment status of their applications online on the website of the official registrar of IPO – Link Intime India Pvt.
Click on the link https://linkintime.co.in/mipo/ipoallotment.html, and select Netweb Technologies from the dropdown menu. You need to submit your PAN details, Application ID or Demat Account Number/DP Client ID to check the status.
Alternatively, you can visit the official BSE website and check the allotment status with your application number and PAN details. Visit the link bseindia.com/investors/appli_check.aspx. Select the ‘Equity’ box in the issue type, select the IPO name and enter your application number and PAN number to check the status.
As the IPO is heavily oversubscribed, there is a high probability that most investors will not receive any shares under the offer. In such cases, refunds should start crediting the depositors’ bank accounts by July 25.
Investors who have allotted shares can expect credit of shares in their demat accounts by July 26. The shares are expected to be listed on BSE and NSE on July 27.
NetWeb Technologies offered its shares at Rs 475-500 each in the IPO, which was open for subscription from July 17-19. According to market watchers, the stock commands a premium of around Rs 360 over the unlisted market, indicating huge listing gains for investors.
The company plans to raise Rs 631 crore through a public offer comprising a fresh issue of Rs 206 crore and an offer for sale (OFS) of Rs 425 crore through promoters at the higher end of the price band.