Net Avenue Technologies IPO subscribed over 54 times on second day so far, retail portion booked over 89 times
Net Avenue Technologies opened for subscription on November 30 and will close on December 4. The SME initial public offering (IPO) has so far been subscribed over 54.58 times on the second day of its bidding.
The issue has been subscribed 89.06 times in the retail category, 0.41 times in Qualified Institutional Buyers (QIB), and 46.17 times in the non institutional investors (NII) category by December 1, as per Chittorgarh.com data.
The public issue has received 20,69,84,000 applications against 37,92,000 bids offered by the company.
On the first day of bidding, the SME issue was subscribed over 14 times, with the retail portion being booked 23.37 times, NII was 10.74 times subscribed and QIB remained unsubscribed on the first day.
Net Avenue Technologies IPO details
Net Avenue Technologies IPO is a public issue of 5,696,000 equity shares. The issue offers 1,896,000 shares to retail investors, 1,080,000 shares to qualified institutional buyers, and 816,000 shares to non-institutional investors.
The price band of the IPO has been fixed at ₹16 to ₹18 per share, at the face value of ₹1 per share. The total size of the issue is 5,696,000 shares (aggregating up to ₹10.25 crore).
Not more than 50% of the offer is reserved for QIB, not less than 30% reserved for the retail portion and not less than 15% of the offer is reserved for NII (HNI).
The issue raised around ₹2.91 crore from anchor investors on November 29, 2023.
The company intends to utilize the net proceeds from the issue towards the funding for customer acquisition – marketing and awareness, funding working capital requirement, general corporate purpose and to meet the 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.
Net Avenue IPO GMP today
Net Avenue IPO GMP today or grey market premium is +7, which means shares are trading at their premium of ₹7 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Net Avenue share price was indicated at ₹25 apiece, which is 38% higher than the IPO price of ₹18.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Updated: 01 Dec 2023, 07:33 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.