Net Avenue Technologies IPO Closes: The initial public offering (IPO) of Net Avenue Technologies, which opened for public subscription on November 30, has closed on Monday, December 4. The SME IPO has got a blockbuster response from investors. As per data available till 6:00 pm on the final day of bidding on Monday, the 10.25-crore IPO got a whopping 511 times subscription, receiving bids for 1,93,81,04,000 shares as against 37,92,000 shares on offer.
The category meant for non-institutional investors received an overwhelming 616.24 times subscription, while the quota for retail individual investors (RIIs) got subscribed a whopping 721.68 times. The portion for qualified institutional buyers (QIBs) was subscribed 61.99 times.
The price band of the Rs 10.25-crore Net Avenue Technologies SME IPO was fixed at Rs 16-18 a share.
Net Avenue Technologies IPO GMP Today
According to market observers, unlisted shares of Net Avenue Technologies were trading Rs 11 higher in the grey market as compared with its issue price. The Rs 11 grey market premium or GMP means the grey market is expecting a 61.11 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The Net Avenue Technologies IPO is likely to be listed on NSE SME on December 7, while the share allotment is likely to take place on December 5.
Net Avenue Technologies IPO Details
The IPO comprised a fresh issue of 37,92,000 equity shares for public subscription with a face value of Rs 1 each. The company fixed the price band at Rs 16-18 per equity share for the IPO.
For investors, the minimum lot size to apply for the IPO was 8,000 shares. The minimum amount of investment required by retail investors was Rs 1,44,000. The minimum lot size investment for HNI was 2 lots (16,000 shares) amounting to Rs 2,88,000.
The proceeds from the issue will be utilised towards customer acquisition, marketing and awareness, funding working capital requirements, general corporate purpose, and issue expenses.
Shreni Shares Limited is the book-running lead manager of the Net Avenue Technologies IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Net Avenue Technologies IPO is Shreni Shares.
The company’s revenue in FY23 stood at Rs 34.51 crore, while the profit after tax was Rs 1.76 crore.
(The story and the headline have been updated with the latest data till 6:00 pm)
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